Crank up the Hanson, buy some more shares in Pets.com, and pop the champagne, because it's 1999 all over again. Similar to March 1999, the Dow has gone above the 10,000 mark (again), and you can watch this retro CNBC video if you don't believe me. But, Peter Schiff drops a big turd in the party punchbowl by saying that the Dow is up because the dollar is in the crapper, and there's no real recovery in sight.
Eh, well.
15 October 2009
Dow 10,000: Let's Party Like It's 1999
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2 comments:
Right-o! The dollar is in the tank and massive inflation is on the horizon. Investors understand they had better get in now for the long haul.
Unemployment won't even peak now (according to Team Obama) until next summer. Consumption will ultimately have to decline, giving us that 'W' recession just in time for the election.
No recovery in sight - and a rising Dow just signals the inflationary expectation.
However, if the DOW was down there is no doubt Karl Rove, Sean Hannity, Brit Hume, Neil Cavuto, Bill Kristol, and all of Fox would declare Obama's Socialism is obliterating the DOW...
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