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New York Sun: The 20,000 Dow

Section: Daily Dispatches

From the New York Sun
Wednesday, January 25, 2017

"Great!" tweets President Trump in respect of the Dow, which closed above 20,000 for the first time in history. Then again too, his excitement is fair enough. That the Dow has been moving higher since his election has to be, at some hard-to-quantify level, an optimistic bet on the prospects for his own presidency. We don't mind saying that we share that optimism, particularly as the signals mount that the president intends to follow through on his pro-growth campaign promises.

For the record, though, the Dow, calculated in the classical measure of value, is nowhere near its high, even if it has been moving in the right direction. That was made recently by a point made by the Web site It maintains, among other things, a chart of the Dow measured in gold. Its all-time low was the equivalent of 1.3 ounces of gold, struck at 1980, just as Americans were preparing to step back a bit from Keynesian principles and elevate Ronald Reagan to the White House. ...

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