Hightower Lowdown

The record high of the Dow is being hailed not only as a milestone for the rich, but for all of us, with the media reporting deadpan that "everybody" is in the stock market today

Time for a reality check: Six out of ten Americans own no stock at all not through a broker, a mutual fund, a pension . . . nothing. And of those who do own stock, the vast majority have a tidbit that gives them no sense of ownership in the Dow, much less a thrill that the thing is above 10,000. Here's the stock market number that matters: 90% of the value of all stocks is held by the richest 10% of American families.

So how about the Doug Jones Average—how's Doug and Darlene doing? Weekly wages for average workers today are 12% below the wages of workers in 1973. And when a corporation cuts jobs and cuts wages, the stock price of that corporation goes up . . . which raises the Dow Jones Average. So the misfortune of the workaday majority—Doug and Darlene—who are seeing their income go down, is a boost to the fortunes of those at the top.