The Long, Winding Road Home
March 30, 2011
This year's ICI Mutual Funds and Investment Management Conference wraps up today. So let's take a walk down memory lane.
2008. March 16-19, Phoenix, Ariz. Dow Jones Industrial Average: 11,951. Business news: More than $300 billion wiped off US equity markets following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
2009. March 22-25, Palm Springs, Calif. Dow Jones Industrial Average: 7,776. Business news: AIG posts $61 billion loss. Madoff pleads guilty to fraud, faces life in prison. GM Chief Rick Wagoner resigns.
2010. March 14-17, Phoenix, Ariz. Dow Jones Industrial Average: 10,742. Business news: Senate Democrats and Republicans vote 68 to 29 approvng a jobs bill that includes incentives for small businesses to hire new employees who have been out of work for 60 days
2011. March 27-30, Palm Desert, Calif. Dow Jones Industrial Average: 12,279. Business news: Japan nuclear crisis crimps manufacturing, exports.
Yes, the "regulatory revolution" of Dodd-Frank is on its way. Our jobless rate is still the fourth highest in the world. But inflation is almost non-existent (exception: gas prices). And it's a great time to refinance your home mortgage ('stated income' loans don't fly any more).
Feel better, now?
Have a good trip home.