Good morning. Since the Dow starts the day at 10,000, I think we’ll start with that as well:
Dow at 10,000 mean anything to you? (PBS NewsHour) Frank Ahrens of the Washington Post:
I mean, if you have most of your — say, your 401(k) in stocks, you’re not going to feel whole again until the Dow hits 14000 again. And when that will be — I was talking to one market strategist today, and I said, when are we going to see Dow 14000? And, on the other side of the phone, he just went phew.
And I said, years?
He said, years.
Yeah, but the Dow can move pretty fast… in both directions (Marketwatch)
When the Dow first closed above 10,000 in 1999, it only took another 24 trading days for it to close above 11,000, according to Standard & Poor’s. It took seven years and a bear market after that for the Dow to achieve 12,000. Then it only took seven months to hit 13,000 and then three months to hit 14,000, in July 2007.
The Dow peaked in October 2007 at 14,164.53, according to S&P. Eighteen months after that it was bucking 6,500.
I can tell you which direction it’s going (Robert Reich):
… this is all temporary fluff, folks. Anyone who hasn’t learned by now that there’s almost no relationship between the Dow and the real economy deserves to lose his or her shirt in the Wall Street casino.
Goldman’s profit quadruples, Citigroup eeks out one (BBC)
The utter hypocrisy of Wall Street bonuses (Daily Beast):
Firms are making money not because they’re good at what they do, but because they have been given so many subsidies that it’s impossible not to.
Meanwhile on Main Street…
Small businesses squeezed as banks limit lending (NPR):
With U.S. unemployment near 10 percent, small businesses — which the government says created 64 percent of new jobs in the past 15 years — will need to play a major role in the recovery. But, as they try to gear up for the holidays, some owners say banks and credit card companies are squeezing them and stunting their growth.
Protect yourself from a dollar disaster (MSN Money)
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