The stock market is on fire. Are we about to get burned?

The stock market is on fire. Are we about to get burned?
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If you follow @realdonaldtrump on Twitter, you’re probably aware that things are going well on Wall Street. The Dow Jones Industrial Average just hit 29,000, a number with three consecutive zeroes. As Trump tweeted recently, “STOCK MARKET AT ALL-TIME HIGH! HOW ARE YOUR 401K’S DOING? 70%, 80%, 90% up? Only 50% up! What are you doing wrong?” For those without big stock portfolios, however, the blaring CNBC headlines might be tinged with grim portent. The last time Wall Street went hog wild, it was amid a suite of predatory and irresponsible financial practices enabled by an overly lax regulatory landscape, and when it all came tumbling down, it led to millions of regular people losing their jobs and homes. Among those who deride stock market milestones — online leftists and disaffected millennials mostly — reactions tend to fall into two buckets. One, that only a lucky few really benefit when stocks go up. Two, that the exploding market is just a prelude for the inevitable crash, at which point we’ll all suffer. At face value, the two statements appear contradictory. The stock market “is not the economy” — until it is. great stock market news for the wealthiest 1%, who own literally half of it https://t.co/2AvuScKlAa — Law Boy, Esq. (@The_Law_Boy) January 10, 2020 the eventual crash—which we all know is coming—is going to be cataclysmic https://t.co/bom9fX4jZB — Rob (@robrousseau) January 10, 2020 There is some truth in both sentiments. Close to half of Americans don’t own any stocks […]

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