Quote:
Originally Posted by POS
Anyone remember the stock market in 1999 when the tech boom was pushing the market to places it had never been before? I remember a lot of stories about how great the economy was and how that economic boom was never seen before. That was a story that was saturated by "the news guys".
The market broke 12000 yesterday. Barely a mention. My businesses are doing well. My customer's businesses are doing well. Everyone in my area is working their butts off trying to keep up with this economy.
Either it's an election year, or Texas just kicks ass, or both.
Seat of the pants feel? This economy kicks butt.
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Good example, I remember the late 90's boom or the Dot com bust as it later became called. I think it's an interesting example. You're right, the reporting of that "boom" was very positive. The reporting of this boom is not. I also remember that there were several reports and economists in the 90's that were pointing out that the "boom" wasn't actually based on anything real; just cyberspace earnings which could cease at any given time, which they did. I would point out that the current boom is based on more real earnings such as housing and manufacturing than a dot com, thus I think has more staying power and is more deserving of being described as actual boom-period.
As for the disparity in reporting... I think it's a symptom of the conservative/progressive difference. In other words; it was our guy at the helm during the dot com boom thus "everything's great!". Now that it's not our guy, despite a stronger economy than the late 90's, there is pessimism.