Eight years ago, my friend James Glassman wrote a book called DOW 36,000.
Well, we’re still far from that stratospheric level, but — hey! — 13,000 ain’t bad. And, like every other red-blooded capitalist, I say: Break out the champagne!
Not so fast. Before hitting the bubbly, it’s important to remember that the market is just one indicator of the overall health of the economy. Considering all other factors, the Bush economy is still in the dumps.
Yesterday, for example, the same day the market soared above 13,000 for the first time, the Center for American Progress put out a new report on the level of poverty in this country.