The stock market, to borrow a term made famous by inscrutable former Fed Chairman Alan Greenspan, resides in a state of “irrational exuberance.”
How so? While the market may be forging record highs, its bullishness doesn’t jibe with real-world economic data.
In other words, the stock market — and those heavily dabbling in it — may not be hurting, but so many other Americans are. Median household income fell 7.3 percent between January and February, initial jobless claims rose this week, gas prices remain high, taxes (read “ObamaCare”) are rising, and economic growth checked in at a woeful 0.4 percent this past quarter.
And yet we’re continually told things are getting better. For whom? The middle class?