Thursday, March 14, 2013

Jim Hightower: "The Mythical 'Dow' Versus The Real 'Doug' "

Jim Hightower counters rosy interpretations of the March 5 record high closing of the Dow Jones industrial average. For those whose wealth depends on stocks, it was the dawn of a golden age. Those dependent on wages, on the other hand, are likely mired in economic conditions brought about by the very forces whose profits are soaring. The record high of March 5, from that perspective, is just one more indication of rising income inequality. That’s a situation that Hightower finds “revolting” in more ways than one. Listen as he explains the difference between the Dow Jones average and the "Doug Jones average":

(h/t: Best of the Left podcast)


Michael The Molar Maven said...

Although my portfolio is looking rather strong right now, I suspect Jim Hightower may be correct. But hasn't it always been true that those who don't earn enough to have investments never see the gains enjoyed by the wealthy? It seems the rich get richer always at the expense of the less fortunate. On the other hand, it's been said (falsely, I might add) that Wall Street always does better when a Republican wins the White House. Can you imagine what the Dow Jones average would be right now if investors actually liked President Obama? I could probably retire right now. And to think, I actually voted for the president. With respect to the economy, I do think, although not to the extent of the Dow's recent surge, that there are signs of improvement.

Jeff Tone said...

I believe that now, when so many are struggling, a booming Wall Street is evocative of our widening income inequality.