The Dow crossed 10,000 Wednesday (and held that level Thursday, closing at 10,062). Thursday morning, Goldman Sachs announced a quarterly profit of $3.19 billion. Neither number would have seemed believable a year ago, but now that these results are in, what do they say about the state of the economy? Also, who should get the credit, and what on-going academic feuds can Dow 10,000 be a datapoint for?
Let’s address the last two first. Michael Tomasky was watching Fox yesterday when he heard Neil Cavuto note Dow 10,000 and ask a guest whether this was the “Bush recovery.”
Cavuto, to be fair, asked whether that wasn’t “a bit of a stretch,” but his guest, a man named Jim LaCamp[sic], said (I’m sure purely coincidentally!) that it wasn’t really a stretch at all....
Whoa! The "Bush Recovery"????????????? Cavuto has clearly gone over the edge. However, seeing as how Fox News is the mouthpiece of the far right wing of the Republican Party, this is to be expected. The righties continue to re-write history to favor their point of view and their political heroes like George W. Bush.
>>>Ouch! Bloomberg:
Bank of America Corp. Chief Executive Officer Kenneth Lewis won’t receive a salary or bonus for 2009, a decision based on advice from U.S. government pay supervisor Kenneth Feinberg....
...Lewis, 62, came under fire this year from regulators and investors for not disclosing losses and bonuses at Merrill Lynch & Co. before shareholders voted to approve the purchase of the world’s biggest broker in December. That sparked investigations by the Securities and Exchange Commission, Congress and attorneys general in New York, North Carolina and Ohio....
Now Lewis will feel like the average person who has lost his/her income.
>>>> Go Buckeyes!!!! Go Phillies!!!!
