Yesterday the Dow Jones climbed to 10,000 for the first time in a year. Some economists are saying the recession is over. President Obama is touting the success of the stimulus. And Timothy Geithner is praising US banks for their recent earnings.
You'd think with the plethora of good news that things would be better on mainstreet. The figures came out today reporting that from Summer to Fall foreclosures rose an additional 5%. Unemployment is "slowing" to the tune of 500,000 job losses a month. Banks aren't lending and unless you have a near perfect credit score you can't get a loan unless its FHA approved. Credit cards are raising interest rates to default levels even if you have never paid late or gone over the limit (my MasterCard did this to me). So my question is what is the truth? Why is the Dow Jones climbing when all I hear is negative reports? When was the last time the stock market gained 144 points because two companies had good earnings (Goldman Sachs and Intel)
Who is running this show and can you explain to me how it works?
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