 |
         
|
The round number of DJIA 14,000 was a milestone that justified the survey of the state of Wall Street's bull market by CNBC's Erin Burnett. She offered a pair of explanations for the 30% rise in the price of financial assets over the past year: "the global economy is booming," China, Brazil and Russia in particular; and "mergers are up 70% from a year ago." Burnett claimed that "the majority of Americans directly benefit" from the bull market by citing the statistic that "more than half" are invested. She reached that total by adding together owners of specific stocks with participants in 401(k) plans and investors in mutual funds.
Thus Burnett lumped small-time diversified savers together with card-carrying members of the investor class. For many in that heterogeneous majority, their "direct benefit" will be too inconsequential to justify the lead story on NBC's nightly newscast.
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
