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James Glassman and Kevin Hassett published Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market on September 20, 1999, an event which almost immediately triggered a drop in stock prices from which the market has never recovered. After today’s sharp drop to 11,349, the market stands 526 points above its close roughly nine years ago when the book came out.
That’s a gain of about 0.5 percent annually since Glassman and Hassett issued their bullish proclamation. Investors would have done better putting their money in a savings account (and almost as well leaving it under the mattress).
I checked out the Dow 36,000 Amazon web page today. Customers who had searched for the book were pointed to a couple of other classics: Dow, 30,000 by 2008: Why It’s Different This Time, by Robert Zuccaro (2001), and Why the Real Estate Boom Will Not Bust–And How You Can Profit from It, by David Lereah (2006).
Buy them together and save.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Number of British women killed last fall by lightning conducted through their underwire bras:
British women wear heels for fifty-one years on average, from the ages of twelve to sixty-three.
Thousands of employees of McDonald’s protested outside the company’s headquarters near Chicago, demanding their wages be increased to $15 per hour. “I can’t afford any shoes,” said one employee in attendance, “and I want Versace heels.”
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”