Stocks may be going up…but the currency they’re quoted in is going down even more.
Checking is not as easy as reading the headlines. The problem is that everything floats. It is like trying to give the precise location of a cork, bobbing in the North Atlantic. The wind blows it. The currents carry it along. The next thing you know, it’s in Cape Town.
So, when the Dow hit a new record high on Monday…we had to ask: relative to what?
In dollar terms, the Dow has never been higher. Stock market players feel pretty good. The major Wall Street firms are telling clients that the good times are still ahead. Even Alan Greenspan says the credit crunch is easing off.
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