Hey everyone, the stock market closed today at a record high.

[yy4me]

The rich just got richer. Don't you all feel better?

[Kerrytravelers]

1. I know I sleep better at night knowing that people who fly first class to their European homes

can still afford the tickets.

[democrank]

2. Right.

Wall Street is same as Main Street.

[slackmaster]

3. It's neither good news nor bad news unless you are already invested in it

My 401k is up about 14% in one year.

[enough already]

8. Union pension funds are invested in it n/t

[NNN0LHI]

4. I just got back into the stock market after 6 years and I ain't rich n/t

[Pab Sungenis]

5. And the dollar closed near a record low.

Meaning the people still making $5.15 an hour are making less than they were yesterday.

[NMDemDist2]

10. yup n/t

[nadinbrzezinski]

6. And on other matters

how are the damn cute sales for the fourth Quarter? Flat as expected?

[stansnark]

7. rising tide lifts all boats

or swamps and capsizes some of them

[ikojo]

9. Yippeee! Some rich folks just got richer!!!

Just because most Americans are involved in the stock market via 401(k) schemes does not mean my class interests are the same as the class interests of say Jenna and Barbara Bush or even Chelsea Clinton. They are the ones who stand to truly benefit from record stock market highs.

[enough already]

12. How about union members?

Most pension funds have a significant % of assets allocated to equities. Is their "class interest" ok with you?

[EvangelOphileBlican]

14. Yeah so what? what does being a union member have to do with it?

[enough already]

15. You're right. Fuck those union members

They're all rich white bastards anyway. Here's hoping the market tanks and they take it in the ass.

[EvangelOphileBlican]

18. You ever been a union member?

[ikojo]

17. The individual union members do not own the stock

A pension fund is similar to a mutual fund....

Below is a blurb from an article published during the Clinton era. I'm sure the percentages are similar or even more skewed to favor the already very wealthy.

Peruse the site and download the book, Wall Street (http://www.wallstreetthebook.com/WallStreet.pdf), to see who really benefits when the "value" of stocks go higher and higher.

"Wall Street" rejoices when unemployment increases
"Wall Street" mourns and stock prices fall when the salaries of working people increase.



://www.leftbusinessobserver.com/Wealth_distrib.html


The richest 10% of the population - about 10 million households - owned 84% of the stock and 90% of the bonds held by individuals (including that held indirectly through mutual funds). The democratization of ownership supposedly brought about by mutual funds has a long way to go.

[enough already]

21. So if the stock market does well and the fund does well, that's bad for union members?

Take a step back and think about it for a minute.

[renie408]

11. All's right with the world.

Now, if I could just figure out how to pay my feed bill, it would be ALL good.

[Extend a Hand]

13. 0n September 3, 1929 the stock market closed at a record high. n/t.

[kineneb]

16. No. Prices going up and value of the dollar going down.

Those on fixed incomes can buy less and less with their money. SSDI is giving Hubby a $39/month cost-of-living increase. We may break even.

I really don't give a fig for what happens with the Stock Market. It is meaningless to the poor.

Member of the "tinkled-on" economy.

[leftofthedial]

19. like we need more bad economic news . . .

dubious article

-snip-

On September 3, 1929, the Dow Jones Industrial Average reached a record high of 381.2. At the end of the market day on Thursday, October 24, the market was at 299.5 — a 21 percent decline from the high. On this day the market fell 33 points — a drop of 9 percent — on trading that was approximately three times the normal daily volume for the first nine months of the year. By all accounts, there was a selling panic. By November 13, 1929, the market had fallen to 199. By the time the crash was completed in 1932, following an unprecedentedly large economic depression, stocks had lost nearly 90 percent of their value.

-snip-

[MazeRat7]

20. And some average folk, like myself, also got just a wee bit richer...

Sure, pensions and 401ks are doing better this year when compared to last, but I still prefer to manage the bulk of my own retirement money. This latest year end rally will help me close out a good year where my retirement planning is concerned.

So please be cautious when "casting asparagus" on those of us who are not rich, but do invest and/or trade to plan for our future.

MZr7

[tinfoilinfor2005]

22. Same here. And I would be willing to bet that if we took a poll,

we'd find out that a large number of DUers have some type of investment in the market.