As of late July, we see major conflicts that have flared up in Iraq, the Ukraine and in the ongoing escalating attack on Israel. New home sales remain mediocre. Millennials, who helped elect Barack Obama, are reportedly suffering most in the nation's the job market. The cost of food is rising quickly. The list goes on and on.
Add to that poor approval ratings for President Obama and it would seem that the public would rush to the polls in November to elect Republicans in tight races for the U.S. Senate and in other major contests.
While all that is taking place in the world, one would expect that investors would be shying away from Wall Street and would dump a stock market that seems filled with risk and overwhelmed by mediocre national economic numbers.
Yet, the Dow and S&P continue to hover near all-time highs. Yes, when a passenger plane was downed, likely by anti-Ukraine government and Russian-backed forces, the market took a brief dive. But even with airports closed in Israel and Iraq slowly headed toward semi-implosion, quarterly earnings reports have generally ruled the day on Wall Street.
The fact that more companies have found more ways to squeeze a penny out of their customers, vendors or employees has completely overshadowed obvious foreign aggression by former foes and increased aggression by longstanding ones against the United States and those with whom we are thought to be allies.
Make no mistake; there is nothing wrong with corporate profits. In fact, another deepening issue in this nation is the manner in which Americans are being told, through endless media reports, that wealth is evil and that, ultimately, a major additional move toward government-engineered redistribution of that wealth is necessary.
But even with its own existence being challenged by attitudes, executive orders and new federal regulations for the corporations in which they invest, the investment community in America is content. The "bulls" continue to run on Wall Street.
And in many ways those hoping for a change in direction politically this year might want to ponder why the stock market keeps getting the equivalent of "landslide" victories in the face of so many obvious problems. Might not the electorate in America take the same approach this November?
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