Today the Dow Jones Industrial Average briefly went above 14,000, to close today at 13,971. That means that the DJIA has almost doubled since it hit a low of 7700 in 2002, amidst post-9/11 uncertainty.
Which is to say, the bulls are back, even if few are paying attention, as we shall see.
Indeed, the stock market has picked up 1000 points in just the past three months. For purposes of comparison, it took almost 90 years--from the first publication of the Dow index, in 1884, through 1972--for the Dow to gain its first 1000 points, and now it gained that many points in just a quarter of a year. And all this in the middle of wars, terror threats, and super-high oil prices--now that's hott!
So where and how did this news play on the MSM? "CBS Evening News," with Katie Couric, buried it, giving it just a passing mention. "NBC Nightly News" led with the story, but Brian Williams emphasized the undercutting questions of "who's benefiting," and "who's being left behind?" TCG didn't see "ABC World News," but as of 10:30 PM ET on Tuesday, the DJIA story ranked 12th on the ABC website; the buoyant news was weighed down with this heavy-snarky headline: "Market Booms, But Do You Own Any Duds?"
The truth of the matter, of course, is that when the stock market goes up, everybody wins--from stock-option-holders to pension-fund beneficiaries to all of us who simply benefit from job- and wealth-creating economic dynamism. So that should've been the news, that America is richer than ever. But it wasn't--not tonight, George. Not ever for you, George W. Bush.
This Cable Gamer is old enough to remember when things were different--when the MSM were excited about the bull run. That was back in the 90s, during the Bill Clinton years, of course, when the MSM were happy to give credit to a Democratic president. Back then, the papers were full of articles about how great Clinton was, and how great his treasury secretaries were--especially Bob Rubin.
But now, noting that the market has gone up is the same as giving the incumbent Republican President, George W. Bush, credit for the economic boom. Well, TCG thinks that 43 does deserve a lot of credit. But the MSM won't give him any--the good news about the economy has simply disappeared.
I'm not surprised, of course--nor will a lot of Americans, who are now fully aware of the distorting tricks that the MSM play in order to cast credit on their favorites and cast discredit on enemies. But it matters to the rest of us, because a lot of us know that one of the reasons that the economy has done so well is because the Republicans have cut taxes. I realize that tax cuts, like any economic policy, are controversial, but let's have the debate. But to have a debate, you have to show both sides. And that the MSM simply won't allow.
The MSM joke has been on us, at the expense of we the people, for these past decades. But now an outraged citizenry is wide awake; we will get the last laugh. We watch Fox News as much as we can, and we will be watching Fox Business News when it preems on October 15.
