Skip to comments.And We're Back! Dow 14,000 Fuels a New Wealth Boom
Posted on 02/01/2013 3:13:45 PM PST by Mrs. Frogjerk
The next American wealth boom has officially begun.
It may not feel like it for many Americans. But with the Dow breaching 14,000, shareholders and investors have recovered the more than $8 trillion in wealth lost during the recession and attained levels of paper wealth they haven't seen since the Roaring Oughts.
The stock market has gone from wealth destroyer to the nation's largest manufacturer of new millionaires and billionaires. The market moves are creating a new virtuous cycle of confidence for the wealthy. A new survey from Spectrem Group shows that millionaire confidence in the economy hit the highest level in two years, led by their bullishness on the economy and corporate earnings.
The big question now is what the next Gilded Age will look like, who will benefit and how long the market-fueled prosperity will last.
(Excerpt) Read more at cnbc.com ...
I don’t know, but I want some!
The next bubble is about to burst.
I have a few stocks I bought a few years ago that are 50% of their value. Yea its roaring back alright.
Usually when the msm writes glowing reports about stocks, it’s over. It use to be when a story hit the cover of Time magazine it was definitely over.
I just got out today near session highs. Will get back in later this month on a decent pull back.
I try to stay on the sidelines the majority of the time, because reality will come eventually and the sidelines will be the place to be.
My real estate holdings went up nicely in 2012 also.
I’m not saying this to make responders look bad, just saying that there are a variety of outcomes.
Inflation affects stock prices too.
I don’t expect this to last, but for today I am $miling.
Who was the guy who said in the ‘20s “When I start getting stock tips from the shoeshine boy, it’s time to get out of the market”?
Virtuous cycle? Looks more like a virtual cycle to me—virtual prosperity fueled by a bubble full of bubbles.
This time around I doubt that the "it's Bush's fault" will hold water.
The ‘stock tips from shoeshine boy’ is attributed to old Joe Kennedy, who pulled his money out of markets before the collapse and bought real estate cheap during the Depression. Real estate was Kennedy’s connection to the Chicago political machine that stole the 1960 election for JFK.
Party like it’s 1929!
Adjusted for inflation, it’s what?
‘paper wealth’ Most important two words in that entire piece!
This is going to be fun, LOL!
Got RGR? What ever you are holding slap trailing stops on everything now.
“The population of individual millionaires (as opposed to households) rebounded to its all-time high two years ago. According to CapGemini, there were 3.35 million millionaires in North America in 2011, up from 3.2 million in 2007. Their total wealth in 2011 was just shy of the 2007 peak, at $11.7 trillion.”
‘These selfish b@stards need to pay more in taxes!!’ Said No Conservative Ever
Woohoo! It’s the new new economy. Nothing can possibly go wrong!
Of course it will, because at no time during the entire recession, did any elected Republican or Republican consultant properly describe it was liberalism, and not anything Bush did, that caused it.
A lie only hardens over time if not refuted, it does not die a death of natural causes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.