The Dow crossed 10,000 Wednesday (and held that level Thursday, closing at 10,062). Thursday morning, Goldman Sachs announced a quarterly profit of $3.19 billion. Neither number would have seemed believable a year ago, but now that these results are in, what do they say about the state of the economy? Also, who should get the credit, and what on-going academic feuds can Dow 10,000 be a datapoint for?...PS: H.N.T.G.R.
Robert Reich doesn’t think there’s much wisdom, collective or otherwise, behind the Dow: “This is all temporary fluff, folks. Anyone who hasn’t learned by now that there’s almost no relationship between the Dow and the real economy deserves to lose his or her shirt in the Wall Street casino.”
From the Opionator:
Posted by .Robert Sullivan at Friday, October 16, 2009