Dow Jones Jump – Fool Me Once, Shame on You; Fool Me Twice, Shame on Me

Yesterday’s surprising spring-like high for the New York Stock Market the Dow Jones Industrial Average had all the usual suspects talking about how we’re coming out of this recession.

It was a record high, climbing 158 points, reaching 14,286, which broke it’s previous record high set in October 2007. The Dow Jones fell back slightly and by day’s end was 14,253.

Here in Canada’s banking capital, Toronto’s S&P/TSX rose 28.63 points, but was still well below its record high set in June of 2008. The S&P 500 and Nasdaq exchanges also showed increases, but the focus was on the Dow Jones, because it broke the record books.

Bankers, economists, and other important-looking people dressed in expensive three-piece suits appeared on all the newscasts, talking about how this was just the kind of fiscal movement we all need to get us out of this seemingly never-ending global financial mess.

Hey, wait a sec – don’t the stock markets suddenly increase just before most of the major economic catastrophes of all time?

It’s like a financial tsunami of sorts, as the trade winds ruffle amidst uncertain economies globally. Traders buy up stocks, hoping their actions will trigger an up-swing and it does. Until those everyone catches on, and cashes out, selling stocks like hot potatoes, crashing an already volatile market.

That’s what happened just before the Great Depression in October of 1929. That’s also what happened just as the housing market in the States went belly up, which brought us into our current economic sandstorm.

And as people across North America continue to struggle to pay their bills, it’s happening again.

More people have given up looking for work than ever in recorded history – even since the Great Depression of the Dirty Thirties.

There are fewer full-time permanent jobs, as companies continue to outsource, and contract out their workforces to temporary, contract workers.

The cost of goods and services continues to rise, yet wages continue to fall.

And despite all of this doom and gloom, the newscasts yesterday painted a rosy picture of an economy on the up and up.

Once fooled, twice shy.

We all should be twice shy – maybe more with all the bullsh*t being broadcast by bankers, economists and their ilk.

We are far from the end of this global depression – and their artificial hype will just make it worse.

Economists traditionally try to calm everyone down during economic crisis. That’s not only their nature, it’s in their best interests – because panic causes rash decisions – like selling stocks and upping interest rates – which crash economies.

But outright lying to keep the peace when people are losing their jobs, their homes and ultimately their lives is unacceptable.

Fool me once, shame on me. Fool me twice, shame on me.

Don’t be fooled by the banking buffoons.