Ten years ago today, the Dow Jones Industrial Average(DJIA) hit an all-time high, passing 8,000 points for the first time.
Friday, the DJIA closed at 13,907 points setting a new record. Look at that...in the past ten years the DJIA has nearly doubled...despite the attack on 9/11 and the Iraq war and occupation. The DJIA fell nearly 700 points or 7.1% the first trading day after the attack, (the largest one day point drop ever) and 14.3% by the end of that week. By Oct. 2002, the DJIA closed at a low of 7,286 points. That means there is a very good chance that by Oct. 2007, the DJIA could have doubled in five years.
Did you hear any stories about this on TV this weekend? Did you read any stories about this in your newspaper this weekend? No? I wonder why not?
I wonder if it has anything to do with a reluctance to credit a Republican president, or Republican tax cuts for this growth?