Dow closes above 10,000 with no help from Obama
Today was the day that the Dow Jones Industrial Average had closed above 10,000 points for the first time in over a year (CNBC). This was achieved with no help from President Obama or his administration. This is because the majority of businesses who sell shares on the stock exchanges did not receive any big government bailout. In fact, the conrrected their finances the old fashioned way. Cut expenses and unfortunately, cutting employees. Corporate America has done what is has in the past and took a few shots in the grill before rising up for a comeback.
While the Obama Administration and many on Capitol Hill were too busy giving billions of dollars to states across the country to prop themselves up while looking good, myself along with the majority of Americans who work in private industry took pay cuts, benefit cuts, cuts in the number of hours, while some were just outright cut. At the same time, Democrats on Capitol Hill were trying to build big government while President Obama demonized capitalism.
For the past year overall, people have been punished for being rich and successful. Do not misunderstand me in the least, not all was right on Wall Street, but it is unfair to broadbrush all of coroporate America as corrupt and elitst. If a Democrat says anything is elitist, that would be the pot calling the kettle black at this point.
Wall Street breakin 10,000 points again on it’s own is yet another testimony that despite it’s flaws and it’s imperfections, America is still the greatest nation in the world, where comebacks can happen.
In a related note, the Ford Motor Company, the only American auto-maker that did not take any government help, only posted a five percent drop in domestic sales, compared to GM and Chrysler who took government help. They posted double digit sales drop (in the forties) (Detroit Free Press).
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