Today's "good-day" nod goes to Wall Street. Stocks reached their highest level since August, fueled by some big corporate takeovers and Europe's larger than expected bailout fund. Those of you who winced recently when you got a report on your 401-K losses after Congress heedlessly made the markets skittish with their brinkmanship over the debt ceiling can breathe a bit easier.
As for the bad day, Turkey has it in spades as the death toll and the number of injured continues to mount from Sunday's powerful earthquake. Nearly 300 so far have been declared dead and more than 1,300 injured. The world rightly stands ready to help.
Unfortunately, McClatchy stock lose $.02 today, down to $1.61. Its down 98% from 6 years ago. Soon a Sunday paper will be more than the stock price.
ReplyDeleteYou folks do understand that the European bailout fund amounts to nothing other than printing money, so asset prices such as stocks now cost more money but have no more value than they did yesterday because each unit of money has less value.
ReplyDeleteThink about a stamp... it cost 6 cents in 1863 and 6 cents in 1971 (when we went off the gold standard and could thus print infinite amounts of money). Now it's 44 cents.