Ocasio-Cortez sums up inequality in 5 words after Dow breaks through 29,000

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  • #250480

    N2Doc
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    @n2doc

    ‘The Dow soars, wages don’t.’

     

    That’s “inequality in a nutshell,” according to Rep. Alexandria Ocasio-Cortez, who fired off those words in a tweet response to NBC’s coverage of a fresh high for the Dow Jones Industrial Average DJIA, +0.03% on Friday.

    The New York Democrat was making the point that while the blue-chip index rallied more than 20% last year, U.S. average hourly earnings gained less than 3%. And since stocks are generally held by those with higher wealth levels, the data would support her “rich getting richer” stance.

    Of course, President Trump constantly touts record highs in the market — like his “409K” tweet last week — but critics like Ocasio-Cortez maintain that such a message is irrelevant to the working class, which has missed out on such gains.

    Only about half of Americans own stock, according to the Fed.

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    https://www.marketwatch.com/story/ocasio-cortez-sums-up-inequality-in-5-words-after-dow-breaks-through-29000-2020-01-13?mod=home-page

  • #250491

    MizzGrizz
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    @mizzgrizz

    Can she ever tell it!

  • #250498

    retired liberal
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    @retiredliberal

    Much of the stock marked is rigged, a con game, a Ponzi scheme. Worthless paper can get traded and with each trade, increase in value. You know derivatives. Another are the many high speed computers in the basement, that are tapped into the stock marked computers, so a few people can profit from millisecond transactions, before the just bought stock is again sold for someone’s else’s gain. The Stock Market needs to be removed from the Gross Domestic Product calculations, as it is neither a product, nor a real service..

    We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.

    If you are wrong, it will be because you are not cynical enough.

    Both major political parties are special interest groups enabling each other for power and money, at the expense of the people they no longer properly serve…

    • #250516

      Populist Prole
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      @populistprole

      It’s a parasitic sector of the economy.

      Again, a sector of the economy, not “the economy”.

  • #250520

    David the Gnome
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    @davidthegnome

    I don’t understand the stock market well, but I have heard (or read) a lot of economists saying that the market is in a big bubble.  Just wondering what keeps that bubble from popping.

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