DOW 13000

Woohoo, DOW 13k, let's celebrate. I don't think so. I'm sure you've noticed that DOW 13000 is old news by now and I haven't written anything on it yet. That's because it means absolutely nothing to me. I am going to let Peter Shiff do the talking for me. Below is a piece from an article entitled "What Record High?"

"Despite its recent eclipse of 13,000 the Dow now buys 30% fewer euros than it did then back in 2000 when it was priced at approximately 11,500. It also buys 35% fewer gallons of milk, 40% fewer bushels of corn or wheat, 65% fewer ounces of silver, 70% fewer barrels of oil, 80% fewer pounds of copper, and 90% fewer pounds of uranium. Try figuring what the Dow will buy in terms of other necessities, such as housing, insurance, college tuition or hospitalization. Any way you measure it, the Dow is worth far less today then it was in January of 2000."

There you have it. Here is the URL for the rest of the article. http://www.321gold.com/editorials/schiff/schiff042707.html
It's a good one.