Does Dow 10,000 Matter?

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Ben Cohen
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by Ben Cohen

Bob Cesca and Matt Taibbi disagree (sort of) on the much heralded 'Dow 10,000' bench mark. Writes Taibbi:

I watched carefully the reporting of the Dow breaking 10,000 the other
day and not anywhere did I see a major news organization include a
paragraph of the “On the other hand, so fucking what?” sort, one that
might point out that unemployment is still at a staggering high,
foreclosures are racing along at a terrifying clip, and real people are
struggling more than ever. In fact the dichotomy between the economic
health of ordinary people and the traditional “market indicators” is
not merely a non-story, it is a sort of taboo — unmentionable in major
news coverage.

But as Cesca points out, regular folk still have much of their future tied up in the stock market, and those indicators are of consequence:

At the risk of appearing sappy, Dow 10,000 is a sliver hope for a break in the gloom. I think we all understand that it's not The
Economy and that Americans are still hurting, but I think seeing our
401(k) statements and mutual funds improved by 50 percent since
February helps. I think knowing that the corporations who trade their
shares in the market are feeling better also helps.