The Dow is down again. The Dow is down again.
Now that we’ve established that, I think it’s time to look for more and better indicators of the economy’s status than the casino that is Wall Street. Perhaps some cunning journalist could forge some sort of index based on employment, housing, credit, Wall Street and oh, I don’t know, pork belly futures?
Whatever is the case, looking at the day to day ups and downs of the stock market is clearly not telling us a damned thing about anything other than what a bunch of panicky rich people think about what a bunch of other panick rich people are going to do. Does it ever strike you as odd, for example, when major Wall Street firms that control vast amounts of wealth in the form of mutual funds start talking about what “The Market” will do? When big shots from these corporations start “hypothesizing” about what the future will look like in the next six months on cable news programs? Have you ever screamed at the television, “you’re the fucking market, douchebag!?”
Well, I certainly have. And while every expert economist I’ve read agrees that the bailout is a necessary evil – including those disinclined to listen to the Wall Street Giants – nothing good can come of continuing to listen to these people when they tell us how bad things are. Where are the economics professors and researchers from government think tanks to tell us what’s really going on?
Oh, that’s right. The government is owned by Wall Street. Silly me.