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Reuters and Yahoo Finance report that the Dow 30 NASDAQ and S&P 500 stock indexes all reached record high levels on Monday. According to Yahoo this last occurred in 1999.
Reuters cited as possible factors speculation that the central bank will not soon raise interest rates, rising oil prices due to speculation that oil producers may cut production, and a Bureau of Labor Statistics report issued earlier in the month.
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New York Stock Indexes Reach New Highs
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For recreational use only.
(Score: 3, Insightful) by sjames on Tuesday August 16 2016, @02:50AM
Main Street, not so much.
(Score: 2, Interesting) by Francis on Tuesday August 16 2016, @03:53AM
That's a vitally important piece of the puzzle. The lower classes mostly don't have enough money to be able to invest. And as such don't get any option to get ahead.
Meanwhile, the Clintons are doing quite well getting bribes to support more of the same neo-liberal economic policy that lead to the workers not making any money.
Perhaps it's time we tried something radical like ending the Fed's policy of purposefully creating inflation and holding the interest rates below the inflation rate. Actually taxing the people who have the money to pay for things like proper education and an actual social safety net for people who are trying to start their own businesses or just have a job.
(Score: 2) by sjames on Tuesday August 16 2016, @06:58PM
The more I think about it, the more I am lead to question investment itself as it is practiced now. We can't ALL shirk productive effort and live on investments, after all. Someone has to actually DO something. It seems we would be better off focusing support on those people.
Agreed, we need to tax the people who actually have money and (in spite of their continuing state of denial) are utterly dependent on the people who actually do things. A proper safety net is certainly in order.
That and put an end to the ludicrous healthcare situation. In addition to paying 4 times as much as the next most expensive healthcare system, I can't think of another industry where we effectively allow them to replace price tags/sheets with a note saying "you'll pay what we tell you because you have to". Every bill is a surprise.
It's well past time to re-examine free trade. We would be a lot better off if we used tariffs judiciously to correct for 'impedance mismatch' between our economy and developing economies.
Really, there's a myriad of potential solutions, nearly any of which would probably help. They just depend on an actual interest in Main Street over Wall Street. It requires acknowledging that the only thing that trickles down is urine.