Monday, October 26, 2009
Can Main Street Catch Up with Wall Street?
On the one hand, the Dow Jones industrial average once again danced around 10,000 last week. Earnings of Caterpillar (CAT), Google (GOOG), and Apple (AAPL) far exceeded expectations. If U.S. gross domestic product rebounds as expected on Oct. 29 and turns positive for the first time in 15 months, it would confirm that the recession ended in the third quarter, at least statistically. Meanwhile, back on Main Street U.S.A., the picture is drastically different. Unemployment has doubled in a year, to 9.8% in September, and there are about six unemployed Americans for every job opening.
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I think the possibility of a 'W' shaped economic recovery is very real. If Wall Street is starting to recover, then the majority of these benefactors must already be within the nation's wealthy elite. Not only is the wealth being further concentrated amongst individuals, there is a chance that the wealth is being concentrated amongst the bigger firms as well. This could lead to further monopolization, which will not help the market grow efficiently.
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