Friday, October 16, 2009

Reich: Dow 10,000 Means Nothing

Former U.S. Labor Secretary Robert Reich believes that the Dow’s recent rally to the 10,000 mark is “fluff” that has no relation to the real economy.

Reich, a professor and Clinton-era Labor Secretary, now an informal economic advisor to President Obama, says that “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.”

Reich wonders how the Dow broke through the 10,000 barrier, last seen before the economic meltdown in the United States when, as he put it, “the rest of the economy is in the toilet.” (more)

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