Re: [Pen-l] Dow 11,349.28

[Doug Henwood <dhenwood@xxxxxxxxx>]

On Jul 25, 2008, at 10:00 AM, Louis Proyect wrote:

> http://www.harpers.org/archive/2008/07/hbc-90003316
> Dow 11,349.28
>
> By Ken Silverstein
>
> James Glassman and Kevin Hassett published Dow 36,000: The New  
> Strategy for Profiting from the Coming Rise in the Stock Market on  
> September 20, 1999, an event which almost immediately triggered a  
> drop in stock prices from which the market has never recovered.  
> After today’s sharp drop to 11,349, the market stands 526 points  
> above its close roughly nine years ago when the book came out.

My own take on this lunacy, from November 1999:

<http://www.leftbusinessobserver.com/Dow36000.html>

Dow 36,000? No, Dow 9,572,460!

Numbers have a reputation for dullness, but you can do the wildest  
things with them, especially when they're joined to fantasies of  
effortless wealth. Recently we've seen books published with the titles  
Dow 36,000, Dow 40,000, and Dow 100,000. Curiously, the one with the  
smallest number is actually the most fanciful; 40,000 is proposed for  
2016, 100,000 for 2020. Hitting those targets would require  
performance above long-term averages, but not outlandishly so. Despite  
coming in with the low bid, the authors of Dow 36,000, James Glassman  
and Kevin Hassett, say their number would be a fair price today,  
though they concede it might take a few years to traverse the 25,350  
points necessary to get there.



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