New York – Stocks rallied on the first trading day of the new year, buoyed by a trifecta of news: A report that showed growth in the manufacturing sector, the dollar’s pullback and an upgrade on Intel.
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The Dow Jones Industrial Average and S&P 500 touched their highest levels in 15 months, and for the tech-heavy Nasdaq, 16 months.
The market has been in a steady rise for months now. Those of us who educate ourselves and invest our money wisely have been making a killing this year. I took a bath in 2008, losing about 40%. Now, I have made all that back and I am up over 30% since before the crash.
Many people were enraged that businesses and banks were getting government money. They were getting that money for YOUR benefit. Banks were able to extend credit to businesses which helped businesses rebound and get back to growth. It was up to you to take advantage of it. I certainly did, and could not be happier. Whatever percentage of my taxes went to “bailouts” or “loans” to these companies, I have made back exponentially.
This is the problem with an “entitlement” society. Especially in the frum community, people just expect the government to pay them (WIC, welfare, section 8, etc) without having to do anything. For those that live “entitlement” lifestyles, you will never benefit, or get ahead. Those who take the time to understand finance, even at a basic level, and invest wisely will be the ones who reap the rewards. Education (formal or not) is the key.