Tuesday, the Dow closed above 15,000 for the first time in history. So far, so good. I don't detect any real signs of danger (I am always looking). But not everybody is happy. As is the case with gold-haters, the stock market's rise has been enjoyed by a narrow group of Americans. The fact is that 90% of all equities are owned by only 20% of Americans. Roughly, 50% of Americans own a sprinkling of a few stocks, but not enough to move them above the middle class.
The stock market is supposed to be a leading indicator for US business and commerce. But as stocks have surged to new highs, the US unemployment rate has remained above 7%. And hourly wages, when adjusted for inflation, have been flat since 2009. Thus the new high in the Dow creates a case of sour grapes for most American workers. This has created the ... Log in or subscribe to continue reading.
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