The Dow Jones Industrial Average, the principal measure of the US stock market, crossed the 22,000-point milestone on Wednesday morning, for the first time in its history. It had broken the 20,000-point mark in January.
The index went up 43 points at the opening, reportedly thanks to Apple Inc. posting unexpectedly good quarterly results on Tuesday. Apple stock went up nearly 6 percent in pre-market trading.
Dow hit the 21,000-point mark in early March, then took five months to hit the current milestone. The shares that have had the biggest impact on the average were those of Boeing (380.29 points), McDonald’s (171.14 points) and UnitedHealth Group (166.35 points), according to CNBC.
Almost exactly a year ago, Donald Trump dismissed the stock market’s rise under President Barack Obama as a “big bubble.” Now President Trump is cheering as the Dow reaches 22,000 for the first time.
In Chart A, we see that the first two times the S&P went high and negative credit was bad, those were bubbles, and those bubbles popped.
In Chart B we see that banks have lots of money.
In Chart C, we see that the USA government has lots of debt. Also, we see that log scales allow us to display very big numbers with straight lines. A trillion here, and a trillion there, and pretty soon it adds up to big money.
In Chart D, we see that the USA government has lots of debt. Also, we see that without log scales, debt looks like a big red iceberg, lurking below the surface of the balance sheet.
In Chart E, we see that the Dow sometimes goes up, but sometimes goes down.
I have heard that a welfare mother freely expresses contempt for just about everyone. I can barely translate her American dialect. She seems to be saying that she holds everyone else in contempt.
The white race in the USA must be very degenerate indeed if this is the sort of person who has white skin. Her vituperative hostility for the rest of the world does not appear to accompany any kind of genuine capacity for physical violence.
I wonder whether her welfare checks would retain their purchasing power if the Dow bubble were to pop – but no one can predict the future with certainty.