DOW do you do?

Eric Alterman points out the obvious regarding media coverage of The Dow.

"Economic Illiteracy on the March: The Dow is not "at an all time high," for God's sake, as virtually every idiotic news outlet is reporting. It is down 17 percent from its peak, here. Numbers that do not take inflation into account are meaningless -- worse than meaningless, purposely misleading. In 1968 or so, I used to be able to buy two burgers, fries and a Coke for under a buck. Do the Dow numbers for 1968 deserve unmediated comparison?"

No comments: