06/16/01 TOO MUCH, TOO SOON The Daily Reckoning
Weekend Edition
June 16-17, 2001
Paris, France
By Addison Wiggin
MARKET REVIEW: Too Much, Too Soon
Wall Street seemed to have plenty of disappointing
economic data and earnings warnings this week. So what
was missing? Stock buyers... The Dow dropped 66 Friday to 10,623. The Nasdaq fell
slipped 15 to 2028, and the S&P 500 shed just over 5 to
close out the week at 1214. The bear market rally seems to have run its course.
"Analysts now say [the rally]," USAToday tells, "in
which the Dow recaptured the 11,000 mark it lost back in
September, was too much, too soon." Momentum buyers only
hope? More aggressive rate cuts from the countries
most celebrated civil servant - Fed Chair Alan
Greenspan. "Investors were sold a bill of goods about how to 'get
rich' during the Great 'Bull' Market..." says the Blue
Team's Dan Denning. "The evidence suggests most
Americans got just the opposite." More below... ADD'L PRICES FOR THE WEEK: Pound slipping...Gold sees
inflation?
Gold: $272
Crude Oil: $28.68
Natural Gas: $3.98
CRB Index: 209
Dollar Index: 118
The Sad, Sad Euro: $.86
British Pound: $1.39
Japanese Yen: $.82
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the DR Blue Team's Dan Denning reveals the "very rich"
still own about 90% of the total value of stock
shares, bonds, trusts, and business equity, and about
three-quarters of non-home real estate. What else? * Most Americans are Getting Poorer: According the U.S.
Census Bureau, for all Americans, median net worth
fell by 17% in real terms between 1984 and 1993. 40% of
Americans have less than $1,100 in total wealth. The
average wealth of the poorest 40% of Americans fell by
76% between 1983 and 1998, and by 1998, had fallen to
only $1,100. * The Rich are Getting Richer: Between 1983 and 1998,
the top 1% of Americans received 53% of the total
growth in net worth, 56% of the total growth in
financial wealth, and 47% of the total increase in
income. The figures for the top 20% are 91%, 89%, and
88%, respectively.
* Middle Class Families are Twice as Likely to Have
High Debt: The debt to equity ratio was also much
higher among the middle 60% of households in 1998, at
.51, than among the top 1% (.03) or the next 19% (.13). Addison Wiggin,
The Daily Reckoning
P.S. For more on the on the Great "Bull" Market see
today's issue of the DR BLUE Weekly Update...
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