A Different Take on Dow 10k from Eric Bolling

On the heels of my somewhat less-than-enthusiastic take on how the Dow crossed the 10,000 mark, I got a comment from one of my fave anchors Eric Bolling, the renowned trader and co-anchor of FOX Business Happy Hour:

How’d Dey Do Dat?

Well… when you are a bank  and have access to free money via the Fed and TARP and the discount window…. And loan that money at %5 to businesses and individuals, it doesn’t take a NASA engineer to realize that profits follow. So it comes as no surprise that stocks perform in this environment.

 My issue is that unemployment is setting multi decade highs and housing price figures aren’t rebounding as fast as the stock market.

Also concerning is the massive debt we are taking on as a country. Approaching $12 trillion… we are at risk of China demanding higher returns for loaning us money to pay for big spending politicians..

At the end of the day the economy has bifurcated. Stocks on one path, labor and housing  on another completely. Which prevails….anyone’s guess…my $.02? they meet in the middle… stocks ease into the 8500 (Dow) , 900 (S&P) AND eventually say 12 to 18 months unemployment and home prices improve. The issue is that equities move much faster and with more volatility than jobs and homes.

Eric’s on the money as far as the bifurcation aspect of it all.

Here’s a link back to Fox Biz’s coverage of the cross yesterday:

Dow Breaks 10,000 (Fox Biz)

And my coverage:

My Dow 10k Take