Dow Closes Above 12,000 for 1st time since June 2008

This means nothing on “main street.” Foreclosures continue unabated, the unemployment rate remains high. Sure, one’s retirement account is somewhat larger but the loss of the past three years exceed any miniscule gains.

And, let’s not forgot, particularly with the “too big to fail” banks that they would not be reporting ANY profits if the government had not intervened and saved the banks’ bacon (behinds). So, these banks are CELEBRATING their profits and they have only achieved such results because of the loans received from United States taxpayers. And what can United States taxpayers celebrate? Nothing at this point.

When the unemployment rate drops below 5%, when foreclosures and short sales are rare occurrences, when employees are not furloughed and when the United States taxpayers are REFUNDED the loans given to the “too big to fail” banks, then that’s something to celebrate. Until then, the rising Dow Jones Industrial Average means NOTHING.


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