The jig is up, and my time has come. I'm about to be arrested. They'll be hauling me away in mid-April. Not for doing anything wrong, really. In fact, if the authorities arrest me, it will be for standing up for what's right.
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.
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