DOW JUST BROKE 8000 POINTS.

[lamp_shade]

[spanone]

1. YO!

[tridim]

2. That's great!

But there's something about the way the DJIA is moving that is still giving me the creeps.

Is this real?

[TheWatcher]

14. No, it isn't, and a lot of people need to wake up to that particular point.

There is nothing about the current "rally" that is based in reality at all.

Here is a perfect example:

Wall Street extends rally as economic hopes rise

NEW YORK (AP) -- Wall Street is extending its rally as it grows more optimistic that the economy is on the mend.

The major indexes jumped more than 2 percent Thursday, and the Dow Jones industrials rose more than 200 points, as the world's finance leaders met in London to discuss efforts to fix the global economy. The G-20 ministers plan to give the International Monetary Fund $500 billion, and create stricter rules for hedge funds.

Bank stocks got an especially big boost when the Financial Accounting Standards Board relaxed rules forcing banks to value their assets at current prices. The change should help banks reduce losses.

And the Commerce Department revealed a large increase in February factory orders, following Wednesday's better-than-expected readings on pending home sales, manufacturing activity and auto sales.(Yes, they were SLIGHTLY less horrific than expected)

There's a growing sense on Wall Street that the economy, at least stateside, might be bottoming out.

http://finance.yahoo.com/news/Wall-Street-extends-rally-as-apf-14828419.html

And HERE is what everyone else in the "Hope Bubble" crowd seems to be IGNORING:

Initial jobless claims rise to highest level since 1982

WASHINGTON (MarketWatch) -- First-time claims for state unemployment benefits rose a seasonally adjusted 12,000 in the week ended March 28, hitting the highest level since October 1982, the Labor Department reported Thursday. These initial claims totaled 669,000, a level that is up 72% from the same period in the prior year. The four-week average of these initial claims rose 6,500 to 656,750 - also the highest level since October 1982. For the week ended March 21, the number of people collecting state unemployment benefits reached yet another new record, jumping 161,000 to 5.73 million - a level that is 96% greater than in the prior year. The four-week average of these continuing claims rose 163,500 to a record 5.5 million. The insured unemployment rate - the proportion of covered workers who are receiving benefits - rose to 4.3% from 4.2%, reaching the highest level since May 1983.

http://www.marketwatch.com/News/Story/Story.aspx?guid={CB321E21-DD96-445E-AEC3-35DBBC525CDD}

Basically the only thing that has driven the rally for the past three weeks is well-crafted propaganda, more "announcements" of new "Programs", spin, and "hopes", assurances", "optimism"., and "upbeat rhetoric".

The spin on the economic news yesterday was almost Soviet Level.

Things continue to get worse for you and me, but Wall Street and the Criminals are partying on, and telling you that pile of dogshit on your plate is actually Godiva Chocolate.

This is completely artificial and manipulated, and gives absolutely NO reflection to the actual economic environment.

I shall now wait for the Hope Brown Shirts to tear into this post with the usual name calling, and accusations of being against "The New Recovery".

[tridim]

22. That said, I wonder if the optimism this news generates will outpace..

the BS'ness of the numbers. I think it'll be viewed as a net positive by the average consumer, and that will be good for the real economy.

[TheWatcher]

24. The consumer can be as deluded and postive as he wants, but the problem is if all you have is an

artificially inflated Stock Market, Propaganda, and no real fundamental change to the real economic environment, all that consumer is going to experience is a happy euthanasia.

That sounds harsh, but the real economic environment on Main Street is getting worse, and will continue to get worse.

"Hopes", "Assurances", and Propaganda do not create jobs, and if the consumer income and real wages continue to decline and unemployment continues to worsen, as well as the fundamental indicators that actually drive real growth in the economy, then this current "Hope Bubble" will collapse, just like all the other Bubbles did.

We need a functioning economic system that works for everybody, not a fictional casino where only the the insiders get to loot the country while the rest of us starve and eat cake.

[lamp_shade]

3. Factory Orders "UP"

[FightingIrish]

4. Do the Republicans have a plan to deal with this?

A soaring market can't be good for their political fortunes.

[Norquist Nemesis]

6. Yes. I'ts "NO!"

*wink*

I predict their plan will revolve around "We don't need no stinkin' regulation. The markets are doing fine all by themselves!"

[ejpoeta]

7. this upward motiion is thanks to what bush did before he left.

but if the markets go down, it's obama's fault.

[lamp_shade]

5. 11:17 AM 8031

[tritsofme]

8. Party like its 1997

lol

[Tigermoose]

9. New FASB rule is HUGE

"The changes will allow the assets to be valued at what they would go for in an "orderly" sale, as opposed to a forced or distressed sale. The new guidelines will apply to the second quarter that began this month."

FASB gives firms more leeway in valuing assets

[TheWatcher]

21. YAY! Let's give the Banks even MORE leeway to commit even MORE atroocities and scams than they

already do!

AND We get To Eat Cake On Top Of It!

Less Transparency is AWESOME!

GO US! :eyes:

[old mark]

10. Dow was up nearly 300 points a few minutes ago..nt

[Loge23]

11. That's just crazy

It's totally unrealistic for the Dow to be at 8,000 at that point.
The fact that it is is all the evidence you need to see how whacked out our financial state is.
It should be 6,000, IMO, before any meaningful recapituation is evident.

So that's it? It's happy days are here again?
Sorry, we're turning the page before the story has been written.

[Mz Pip]

12. Must be those

Bush tax cuts. :sarcasm:

[Political Heretic]

13. Based on nothing.

Every key economic indicator is worse, upcoming reports are expected to be the grimmest in 25 years...

Don't everyone jump out of windows when this little false exuberance bubble bursts and the DOW plunges again.

We're not out of the woods yet.

[TheWatcher]

17. We're not even in the THICK of the woods yet.

The disconnect from reality on and off DU is absolutely frightening.

People are being led to the economic slaughterhouse, and they are CHEERING it on, and some even telling the rest of us we should feel GRATEFUL for it.

This is just insane.

[thereismore]

19. Based on optimism, nothing more. nt

[WorseBeforeBetter]

15. Crisis over!

I'm going shopping.

[rucky]

23. LOL

[11 Bravo]

16. Sean Hannity hails the end of the "Obama Recession" and the beginning of the "Bush Recovery"

(And his dumb shit listeners agree with him!)

[thereismore]

20. You're good. nt

[dkofos]

18. BFD

I'm guessing it will do that again next week.

[lamp_shade]

25. 12:20 pm 8045