Dow 10,000 – ten years later

Ten years ago today, the Wall Street Journal ran this headline:

It was the first time in history that the Dow Jones Industrial Average  broke 10,000.  Do you remember how you felt about the economy and world financial markets that day?

I saved that newspaper and remember thinking at the time, we'll look back and this will seem so outdated, like a $0.25 gallon of gas.  Looking back now, the Dow has been over and under 10,000 many times. Once we get over again, let's not forget what we're learning about right now.

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  1. I was just thinking about this very issue while reading “Bad Money” by Kevin Phillips. Wondering why we’ve not learned this lesson already. Bad Money does a great job outlining how we got into this mess in the first place. Kevin reminds us how in the early 80s the Dow was under 1000. Very sobering indeed, especially realizing what that value was built on.

    Phillips outlines historically how various cultures (Hapsburgs, Maritime Dutch, Industrial Britain) have all stumbled once they began building economies based on speculative finance rather than concrete goods and services.

    But this is not a book report, so I’ll sign off. Sobering post, Peter.

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