If the economic news is really so bad, why is Wall Street so giddy? The grim tidings of late January and early February were enough to depress anyone: 232,000 more Americans lost jobs, housing starts sank to their lowest level since 1982, consumer confidence plunged to a 10-year low, the bank-insurance fund was proclaimed nearly broke and a costly war threatened to deepen a record federal deficit. Yet through it all, U.S. share prices marched merrily upward, rising 6% so far this year.
The explanation is that investors aren't looking at the present. They're focused on the future -- and they...
To continue reading:
or
Log-In
