The stock market comes to reflect neither the economy nor what stocks are worth. Instead, it shows what speculators think they can make from anticipating Ben Bernanke’s next move.
No wonder the economy is not growing. Four out of every ten dollars is zombie spending. It supports hamburgers consumed in 1998, gasoline burned in 2002, bankers' bonuses handed out in 2008, and food stamps distributed in 2011.
While investors have recovered most of their ’08-’09 losses, the poor working stiff is still getting it in the chops. He doesn’t own stocks. He owns a house. And housing just keeps going down.
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