Full article here:
by James Corbett
January 29, 2017
Congratulations, America! The Dow Jones Industrial Average has just rolled past 20,000 for the first time ever! Let the fireworks fly, because the ticker tape parade is about to begin!
The Trump administration, wasting no time in chalking this up to “the Trump effect,” celebrated.
Asian markets, which lifted as much as 1.8% on the news, celebrated.
European markets, which edged up across the board on the news, celebrated.
Global markets in general, which hit a 19-month high on the news, celebrated.
And why not? Such a momentous event must indicate that the global economic recovery is right on track, right? Surely we can now rest easy in the knowledge that the coming years will bring prosperity and security for all, right?
H/t reader squodgy:
“So tell me punk, do you feel lucky?
We all know trading activity is in the doldrums, and profits are dragging along the floor, so what on earth is boosting share prices?
Computer algorithms, the new way of bullshitting investors things are good when they aren’t.”
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