April 30, 2006


Six years later, the Dow is back:
Propelled by the economy, the Dow is nearing its all-time high of 11,723 from 2000. (Ron Scherer, 5/01/06, The Christian Science Monitor)

Despite soaring oil prices, the Dow, watched as a barometer of the economy and Main Street, has regained more than 4,000 points that slipped away after the dotcom bust and the 2001 recession. Now, the average is closer than it's ever been to its Jan. 14, 2000, high of 11,723 - a number that brings back memories of taxi drivers talking about their stock portfolios and a book predicting a 36,000 level for the Dow.

Behind the rebound is a solid economy, emphasized last Friday when the Commerce Department reported that the nation's gross domestic product grew at a swift 4.8 percent, the best growth in 2-1/2 years. [...]

Some analysts expect the next leg in the economy to be powered by the capital spending of cash-rich companies.

Yet Democrats are so deranged by George W. Bush they seem to be serious about running their midterm campaign on the notion that folks will want to make a radical change in the country's direction.

Posted by Orrin Judd at April 30, 2006 6:42 PM

The dot.com bust and the 2001 recession AND 9/11. That event cannot be allowed to be discounted.

Posted by: mike at April 30, 2006 7:10 PM

Obviously the liberal press can keep a secret after all. They certainly haven't been overly vocal on the strong economy the US has enjoyed for the past few years.

Maybe a bit off topic but the oil situation predominant in so much of the media these days need a lot of common economical sense applied. Most understand it except certain members of Congress. Supply and demand is where it's at. China and India are buying oil in every known market and still need more.

I consult with US oil interest globally and don't see the problem as being the fault of the oil companies. I've seen the hard times and may yet again. On the positive side we're not going to run out of oil and because of that we desperately need refining facilities. New ones instead of the maxed out expansions of existing sites. Oh, we need ANWR developed too. Starting tomorrow.

Posted by: Tom Wall at April 30, 2006 10:17 PM

ANWR, yes, but also and more importantly, algael biodiesel.

Cheaper than developing ANWR and delivering the oil to the Lower 48, and far more productive in the long run.

Posted by: Michael Herdegen [TypeKey Profile Page] at May 1, 2006 7:50 AM