As everyone surely knows by now, today the DOW reached the mythical 10,000 point mark, with the latest surge, thanks to the “better-than-expected results from JPMorgan and Intel” (CNNMoney.com).
With this wonderful news at hand, hordes of buyers jumped on the future potential of stock market gains. This new round of speculation is said to be firmly grounded in meticulously calculated odds and not the whim of investors.
“The problem is that it is consensus that we need a selloff and consensus is rarely right,” said Tom Schrader, managing director at Stifel Nicolaus.
Brilliantly said Tom, bravo! Basically what Tom is saying, boys and girls, is that the consensus should be with him as opposed to people who disagree with him. But won’t that then be the consensus and make it wrong?
I’m sure glad I don’t have to spend my day taking huge risks with other people’s money. I don’t know how these brokers and financial advisors do it; their earnings are always in no risk.
After spreading the Wall Street loss among us (the non-Capitalistic move of all non-Capitalistic moves), now that Wall Street is back in the money, I wonder when I, as a US taxpayer, can expect my share of the profit?
Your share of the profit comes from big businesses not going bankrupt so they can pay taxes, which are most of the government’s income. Then the government funds schools, road maintenance, and other public works.
It may not be readily apparent, but you benefit.
Is this the same money the government borrowed and printed? Thanks Government!
Yep all those AIG bailout bonuses should lead to a lot of new schools and roads. Keep up the great work Washington!
@Len: At least try to fact-check. Not even remotely true. The US gets more of its money from individual income taxes and payroll taxes than it does from corporate taxes.
And if those corporations go bankrupt and no longer pay payroll taxes and the individuals working for those corporations lose their jobs and no longer pay individual income taxes, isn’t that essentially the same end result as Len said?
Sure, but the idea behind capitalism is that in a free market, a new competitor would step up to fill the hole the bankrupt companies left behind and would do it better, by not squandering their money on ridiculous bonuses but hiring competent, hard working people. You act like a company going bankrupt would somehow bring out society crashing to a halt, instead this recession brought me lower gas and grocery bills and a better paying job. Only the lazy and the stupid aren’t taking advantage of this right now. Ever look at a company that’s been around a long time and said, “Wish I would have bought that 10 years ago…” Nows your chance, Carpe Diem!
@Len and @Josh don’t listen to @Adam and his “logic.” I assure you that the leadership in Washington has your best interests at heart. And they could never be swayed to spread fear of an economic apocalypse for millions in campaign contributions from the companies they save. Now why don’t you just go buy yourselves some stock in Citi or CIT. Everything’s gonna be just fine…
I, too, am quite convinced of Washington’s good nature. With presidencies as pure as Teddy Roosevelt’s, we know the government officials are not corrupt. Furthermore, to suggest that greed would be an ulterior motive behind any decision made would undermine the excellent judicial system.
Also, I am sure that the corporations have the publics best interest in mind. As evidence, look at Toyota. It has lobbyists against raising the emission standards while the corporation would meet the standards either way. Why? Probably to keep GM out of business. This is a perfect example of a corporation looking out for the best interests of the whole, rather than just the corporation.