Why It Doesn’t Matter if Americans Aren’t Happy, Just Ride Stock Prices Higher93 views 2013-07-26 00:40 Tags: government charging creating Journal another
Yesterday, the S&P 500 closed at 1,690, not far from its current 1,697 record-high, and the index may soon test and break 1,700, creating yet another new record. But despite all of this wealth created by the bulls charging in the stock market, there appears to be some dissent among Americans. Why is this?
According to an NBC News/Wall Street Journal poll, about 61% of Americans feel the country is on the wrong path, with only 29% saying the government is delivering.
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Since late December, the number of those believing the country is steering the wrong course has risen while those who say everything is fine has declined from 53%. (Source: Harwood, J., “Most Americans say nation is headed off track: NBC-WSJ poll,” CNBC, July 24, 2013.) The irony is that during the same period, the Federal Reserve has pumped more money into the economy, stocks have boomed, home prices and the housing market have rallied, and more jobs are being generated.