Consumer confidence at all-time low: Business research group says its index of confidence plunges to its lowest level in four decades.
Home prices see another record plunge: 10 major markets have seen home values fall 17.7% over the past 12 months, and experts expect the declines to continue.
Dow's 2nd best day ever
All of these headlines are from CNNMoney.com.Scroll up for a moment and read those headlines again, and then allow me to recap:
Consumers have no confidence, and the value of their homes is plummeting. But the stock market is doing great!
12 comments:
Wall Street exisist to make money off people's financial misery.
Clearly nobody knows what's going on anymore.
Anticipated rate cut...
Although why that works for them I haven't quite figured out yet.
I think Dr. MVM nailed it.
Oh, like you wouldn't be doing great if someone just gave you a cool 700 billion. Champagne baths and naked massages and caviar.
I was going to make a serious comment like a true economist but then I thought, who can say anything more poignant than randal graves' comment? Brilliant!
Maybe it has something to do with the fact that the bailout money will be used to pay those Wall Street boyz their bonuses this year.
http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking
its like when clark griswold got a subscription to the jam of the month club for his christmas bonus. everything is going to shit, but eddy thinks its a great gift. and then he kidnaps the boss, who happens to be bill murray's lesser known brother, and then the squirrel, the squirrel gets loose and then elaine from seinfeld knocks on the door right as the squirrel jumps on her, and then...well you see what i mean.
What Dr. Monkey said
What Randal said. We're getting screwed while they're getting rich.
Okay -- something HAS to be going on with the word verification people--mine is DINOTEAM.
Dinoteam, unite!
eurasia is alwasy at war with oceania
ask winston smith...
The same reason the stock market plummets when wages go up. Do-nothing speculating capitalists thrive on other peoples' misery.
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