05 March 2007

I remember an editorial cartoon ...

It was the fall of 1980. I was interning with the State of Illinois' Far East Office for Trade Development in Hong Kong for ten weeks. At the office, we got the Asian Wall Street Journal everyday. Shortly after Reagan's election in November, the Dow broke through the 1000 mark. It was considered an historic achievement.

There was a political cartoon that showed a Wall Street Banker holding an infant while looking at a stock ticker. He exclaimed to the baby (words to the effect):
Son, in your day, you'll see the Dow break 2000!
The Dow has been on a slow steady climb ever since. It has been hovering over 10,000 for quite a while now.

Which is why I for one think that the media attention to a few hundred points of correction over the last 10 days is over the top.

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