Reflecting on 12,000
What lessons can we learn from the rapidly falling and slowly rising Dow?
On Jan. 14, 2000, the Dow Jones Industrial Average closed at a record high of 11,722.98. It took over six and a half years for a new record of 11,727.34 to be set on October 3, 2006. On October 19th, it closed above 12,000. Of course, this new record is illusionary as the index would need to cross the 14 thousand mark just keep up with inflation. Never the less this is a psychological barrier that represents a healthy recovery of the equity markets to sound fundamentals after flirting with inane ideas such as abolishing the business cycle and momentum investing. Still, there is an undercurrent of gloating that implies that the market collapse was driven by greed and manipulation instead of real economic conditions. While blaming the victims of economic collapse for their own indiscretion can provide a cautionary tale, it might be of more use to apply the lessons of too much capital chasing too little opportunity to other aspects of life.
Online Gambling and Port Security
Evidently, online gaming endangers US ports.
It takes a special kind of egomaniacal narcissist to run for office. To think that you have in depth knowledge of the myriad topics that confront the country requires self delusion beyond the standard deviation. This was known by the framers of the US Constitution. That’s why they envisioned limited government with defined powers. This was a short lived idea as those that sought to fill their shoes assumed they could improve upon the original notion. This is why in the land of the free, we cannot be trusted with flavored cigarettes, absinth, and now online gambling.
Republican Revolt
The idea of voting for Democrats to teach Republicans a lesson is absurd.
As Congressmen and Senators slink out of Washington and back to the communities that sent them there, the rest of us brace for the onslaught of ads, editorials, and desperate acts that accompany every election. Despite new election law that makes it more difficult to unseat an incumbent, further gerrymandering of Congressional Districts, and a historical 90% reelection rate, the Democrats have a realistic chance of taking control of the House of Representatives and an outside shot at the Senate. Evidently, this is a serious enough possibility for the Republicans to actually pass legislation supported by their constituency and a majority of the voting public. This is a brilliant strategy because it points out the problem facing the electorate in November. To vote out Republicans, you must vote in Democrats. For this, they close the bars.