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Article: The Boom in the Gloom.(Business)(why markets are spiking up despite the dismal economy, and how this could end in another crash)
- Article from:
- Newsweek
- Article date:
- November 9, 2009
- Author:
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Byline: Rana Foroohar; With Jerry Guo in New York
Why markets are spiking up despite the dismal economy, and how this could end in another crash.
For the past several months, investors have been acting like it's 1999, the first year when the Dow crossed 10,000, and stocks took off in complete disregard for reality. Yet the atmosphere then and now couldn't be more different. Back then, stocks were frothier than real businesses, no doubt. But today, American job prospects are the worst in a generation, many state governments are near bankruptcy, consumer credit has all but dried up in the developed world--and global investors see all this as a good sign? ...