22 Apr

Good News on Good Friday

By Walter

Here are some excerpts from this morning’s New York Times:

“The chip maker Advance Micro Devices topped earnings expectations for the quarter.”

“GE posts earnings that exceed forecasts.”

“McDonald’s profit is up.”

“DuPont tops forecasts; profit up 27%.”

“Blackrock earnings increase 34%.”

“Real estate helps profit increase 58% at Blackstone.”

“Xerox reports rise in profit and revenue.”

And the NY stock market hit a 33-month high!

What does all this good news mean?

First of all, it’s not good news. It means the process of wealth concentration continues. It does not mean the economy has recovered and that the Great Recession is over. It means that there is more suffering to come as business continues to do business as usual.

In 1930, Ben Selvin and his orchestra recorded “Happy Days Are Here Again.” It wasn’t true then; it’s not true now.

 

 

 


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