Thanks to the marvelous storing capacities available in 21st century computer systems, it’s possible to quickly find alphabetized editorials and other data in digital files.
Just for fun, we dredged up an Antelope Valley Press stock market editorial that we wrote on Jan. 5, 2008, showing the Dow Jones Industrial Average closed on Dec. 31, 2007, at 13,364.
In a testament to our nation’s private enterprise escalations, that tend to continue from year to year, the Nov. 29, 2019, Dow Jones’ close was at 28,051.
That’s way more than double since 2008. Full disclosure: The 2008 figure included a market drop of 256 the day before. The 2019 figure shrank by 112.59 on Friday.
President Donald J. Trump and former president Barack Obama can claim some credit for the gains.
Here are some excerpts from a Jan. 5, 2008, editorial:
“In the first three days of trading this year (2008) the Dow erased over half its gains for 2007.
“On Friday, Jan. 4, (2008) the Nasdaq dropped 3.8% after employment growth, a major crutch propping up the economy, began to look rickety. In other bad news as the new year opened, oil futures briefly topped $100 a barrel on Wednesday, Jan. 2.
“Suddenly the word ‘recession’ — as a possibility – has been creeping into the headlines.
“What’s going on here?
“Some of the blame for the unopened-parachute drop on the market was laid to the fact that the nation’s unemployment rate rose to a two-year high of 5% in December. Only 18,000 jobs were added to the nation’s workforce in December (2007).
(What’s disconcerting about that job figure is that the government added 31,000 taxpayer-paid jobs in December, while private employers actually cut payrolls by 13,000).
“On Jan. 4, President (George) Bush said, “We can’t take economic growth for granted. There are signs that will cause us to be ever more diligent and make sure that good policies come out of Washington.”
President Bush said he wanted to work with Congress “to deal with the economic realities of the moment and to assure the American people that we will do everything we can do to make sure we remain a prosperous country.”
According to the Department of Labor, roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010 and real GDP contracted by 4.2% between Q4, 2007, and Q2, 2009, making the Great Recession the worst economic downturn since the Great Depression.
After 2010 the stock market has posted a number of dips and gains, with the latter eventually becoming the winner.
The future is unpredictable but the optimists believe upbeat gains will continue in wave after wave.