DOW closed up 330 - example of irrational exuberance
The second biggest 2-day gain in 5 years and the reason was ... the rate cut, evidently. Call me stupid and all those investors smart, but according to Mrs. Gump who was a very wise woman, stupid is as stupid does. With oil prices closing on $100 USD for barrel and gasoline prices at over $3 a gallon, many have to spend a huge chunk of salary just for work commute. The heating bills will go through the roof. US dollar is worth about 68 Euro cents and home values has dropped dramatically, further eroding consumer purchase power.
Credit card debt is over $900,000,000,000 USD - that is close to a trillion! Many companies which heavily use fuel and gas, such airline and trucking, are spending less and less and curbing expansion and business activities. But, fools still rule.
Thu Nov 29, 2007 04:11AM by Tony | More in Personal Finance | Comments (0)
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