Dow 30,000

Fermion said:
But how does it ever end? If the Fed can just generate a market like this whenever they want, why would they not just stimulate every year, even when not needed? Just send everyone a check each year for a few ten thousand and we will get to DOW 100,000 in a eye blink.
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My old fashioned thinking is that this ends up with some very old fashioned mega inflation whenever unlimited money printing meets real world. Me thinks the prior pump priming after 2008 did not result in rapid inflation because the world was acquiescent to supply chains from lower labor cost manufacturing nations that wanted to sell worldwide no matter what the margins so they could establish their manufacturing base. Now that we have wonderful trade wars and all manner of trade impediments will the same hold? My guess is it won't. So is Dow 100,000 possible? Of course but then a loaf of bread will cost 3-10 times what it costs now in dollar terms
 
GravitySucks said:
The Big Rock Candy Mountain Index
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Thanks. I did not know about this song, but it appears to be quite popular.


Wikipedia has this entry about the song:


"Big Rock Candy Mountain", first recorded by Harry McClintock in 1928, is a folk song about a hobo's idea of paradise, a modern version of the medieval concept of Cockaigne. It is a place where "hens lay soft boiled eggs" and there are "cigarette trees." McClintock claimed to have written the song in 1895, based on tales from his youth hoboing through the United States, but some believe that at least aspects of the song have existed for far longer.
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And Cockaigne is a term that dates back to the Medieval Age.


Cockaigne or Cockayne /kɒˈkeɪn/ is a land of plenty in medieval myth, an imaginary place of extreme luxury and ease where physical comforts and pleasures are always immediately at hand and where the harshness of medieval peasant life does not exist. Specifically, in poems like The Land of Cockaigne, it is a land of contraries, where all the restrictions of society are defied (abbots beaten by their monks), sexual liberty is open (nuns flipped over to show their bottoms), and food is plentiful (skies that rain cheese). Writing about Cockaigne was commonplace in Goliard verse. It represented both wish fulfillment and resentment at the strictures of asceticism and dearth.
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There is a 1567 painting depicting this wonderful land of Cockaigne.


1024px-Pieter_Bruegel_d._%C3%84._037.jpg





And here's the song as presented by Harry McClintock himself.

 
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Wow, NW-Bound, that was really education (for me, anyway!). I had barely heard of that song, never heard of Cockaigne, and had no idea of the song's history. Thanks. :)
 
Interesting! Thanks NW-Bound.
 
That 1567 painting of the land of Cockaigne doesn’t make this world seem so idealized to me. They look quite unhealthy and bored. Maybe given their alternatives, that was idealized for the time.
 
ejman said:
My old fashioned thinking is that this ends up with some very old fashioned mega inflation whenever unlimited money printing meets real world. Me thinks the prior pump priming after 2008 did not result in rapid inflation because the world was acquiescent to supply chains from lower labor cost manufacturing nations that wanted to sell worldwide no matter what the margins so they could establish their manufacturing base. Now that we have wonderful trade wars and all manner of trade impediments will the same hold? My guess is it won't. So is Dow 100,000 possible? Of course but then a loaf of bread will cost 3-10 times what it costs now in dollar terms
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"Then let them eat cake".......... :LOL::LOL:
 
MuirWannabe said:
That 1567 painting of the land of Cockaigne doesn’t make this world seem so idealized to me. They look quite unhealthy and bored. Maybe given their alternatives, that was idealized for the time.
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That may be happening to us now too. Many workers no longer have job, but can still buy food with government assistance. White-collar workers work from home, and get even less physical exercise than when they had to trek to/from the office. Retirees like myself are stuck at home. Nothing healthy about it.

On the other hand, people in the medieval age had such a tough life that they could not imagine that being idle would come with a cost.
 
NW-Bound said:
That may be happening to us now too. Many workers no longer have job, but can still buy food with government assistance. White-collar workers work from home, and get even less physical exercise than when they had to trek to/from the office. Retirees like myself are stuck at home. Nothing healthy about it.
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The land of Covid is certainly not idealized.
 
NW-Bound said:
On the other hand, people in the medieval age had such a tough life that they could not imagine that being idle would come with a cost.
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I’m not sure what you mean.
IMG_0020.JPG
 
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ejman said:
[...]but then a loaf of bread will cost 3-10 times what it costs now in dollar terms
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I have not been able to look at the cost of a loaf of bread, in decades! The prices have been shocking to me for a very long, long time. I am used to thinking of a loaf of bread costing 25 cents. To me that is a fair, not cheap but fair, price for a loaf of bread. :LOL:

So anyway, since I don't look, AFAIK that's what a loaf of bread costs.
 
Back on the Dow 30,000, many articles point to the trading activities and say that it is people staying home during the current pandemic bidding on stocks and options that drive the market up. I think there's a lot of truth there.

I recall that more than 10 years ago, my brother told me of an acquaintance that got fired from her job at a major aerospace corp. Her infraction was spending too much time day trading at work. This corp eventually banned all trading at work together. And my brother told me that workers there would still do it on their smartphone, and in the privacy of a toilet stall.

And now, people work at home can easily have two screens in front of them: one screen for intended work, and the other screen for level 2 trading.
 
Nah, we are only blowing off the froth, in order to keep the real stuff underneath.

PS. Do you recognize the guy in this photo?

ePFuRP1.jpg
 
DJIA has just gone over 30,000. Seriously, this shouldn't be happening...
 
tmm99 said:
DJIA has just gone over 30,000. Seriously, this shouldn't be happening...
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Scary to me... Vaccine euphoria maybe?
 
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What is everyone's favorite site for watching the stock market?

It was annoying when VG stopped posting real-time market levels on their "News" page. Like, what kind of "news" is it if I can't even see what the Dow and Nasdaq are doing?
 
I use the CNBC app with my custom watch list, but honestly I rarely look at it anymore. Maybe once or twice a week unless someone posts some market exciting news like today.
 
tmm99 said:
DJIA has just gone over 30,000. Seriously, this shouldn't be happening...
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Hot dog!

:dance: :clap: :dance: Yesterday was another one of my all time high days, so it sounds like today might be another.

I hope it closes over 30,000 too. To me, it doesn't count if it's just temporary during the day.
 
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