It looks like cause for celebration: The Dow Jones industrial average surged from 12,000 to 13,000 in just six months. But appearances can be deceiving, and there may be more reason to worry than rejoice about Wall Street's latest accomplishment.so no matter what evidence might be showing to the contrary, the economy is on the verge of tanking.
Stronger-than-expected profits from several large companies helped push the stock market to historical heights. But many big corporations, including the Dow components, made a chunk of that money overseas, where economies are growing faster than in the United States. And many of the same worries that weighed on investors earlier in the year remain: rising energy costs, a slumping housing market and a possible credit crunch.
Forgive me, but a great many people keep crying wolf and the economy continues to chug along and grow.
Appearances may be decieving? Seriously, are these guys on crack? Unemployment is at a 20 some-odd year low. Jobs are being created at a good pace. True, the housing market has slowed, but when the stock market slows, it is called a correction. Can't the same thing happen in the housing market? Durable goods manufacturing is up, investment is up and U.S. companies are making money overseas.
That last one is supposedly a cause for concern? How so? If U.S. companies are making money selling products overseas, doesn't that mean that U.S. exports are up? Isn't that a good thing? I simply don't get where the bad news is.
Oh, one other thing, you can bet that the Bush Administration will get zero credit for this economic good news.
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