Does Dow 10,000 Matter?

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.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.