Yesterday news anchors were proudly cheering that the Dow briefly crossed 13,000 for the first time since the start of the recession in 2008. I’m sure this is great news for the economy, but this has no relevance to me. My investments show very little to be happy about and while I recognize that over time I will (hopefully) earn back all those losses it is still hard to manufacture the same enthusiasm as the broadcasters.
Dow reaching 13,000 = The wealthy getting wealthier
I recognize that this post may seem like whining to those who truly are in economic distress (and trust me I have a lot to be thankful for), but I suppose all those ridiculous smiles on television last night really got under my skin. It’s tough to get excited about the fact that Mitt Romney probably made a cool million yesterday while I was personally congratulating myself on spending only $10 all day.
BosGuy 
The rich did make more money because they had more invested but only if they had good performing stocks. When the market is up there are more winners then losers. Plus many companies and consumers will see this as a positive sign of recovery and confidence is a major factor in climbing out of a session – so report it. And it helps Obama.
My parents complained about all the money they lost in 2008. I asked if they fell below the original cost of their investments – they hadn’t. As the dow rebounded so has their investment. Some stocks are even higher now while others a still low.
I have told them to get out completely NOW. The market may climb further but the risk of war with Iran vs Israel and likely US involvement and likely collapse of the EU is too great a risk at their age. Plus, there is likely to be a big sell off soon.
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I’m with you on this. I think around-the-clock news is finally catching up and they’re running out of real news to report. It’s increasingly difficult to tell the difference between “tabloid news” and journalism.
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