Letter: Is market record really worth celebrating?

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March 11, 2013

Letter: Is market record really worth celebrating?

Anonymous Gloucester Daily Times The Gloucester Daily Times Mon Mar 11, 2013, 01:00 AM EDT

To the editor:

Has anyone noticed that no matter how bad things get economically in America that, as long as the stock market is up, we are supposed to forget our troubles and get happy?

It wouldn’t matter if the price of gas went up say, 30, 40 or 50 cents in a matter of two months, hurting the poor and middle class the most. It doesn’t matter that we are $16 trillion in debt and we can’t pay it back. Don’t worry that there are 47 million on food assistance.

If you are one of those 100 million Americans of working age who are not working, don’t sweat it, Wall Street has got your back. Please don’t be apprehensive that more people went on the disability rolls than jobs were created during much of this wonderful recovery.

Pay no attention to stories that a new car is out of reach for most Americans. Please don’t stay up at night worrying about the threats that if we cut a tiny bit of spending, the world will end. Ignore the people you see in greater numbers who carry their belongings in shopping carts, gym bags, and backpacks in places like Haverhill and the longer lines at the food pantry. These are just people who haven’t heard the good news from our corporate media, government and economic experts.

We are all familiar with the economic experts. They told us there wasn’t an Internet bubble, there wasn’t a housing bubble, subprime lending was contained, missed the 2008 crisis, then told us there would not be a recession because of the collapse and so much more great stuff.

The stock market hit a new high last week, so put on your black hat, tuxedo jacket, sing “hallelujah” and get happy!

JAY MCCLENAGHAN

Haverhill