“One of the biggest bankruptcies in history occurred on June 1st yet you would not know this by looking at the stock market. In fact, the Dow Jones Industrial Average (DJIA) shot up by 220 points. If we look at total assets, this is the fourth largest bankruptcy in history. The Dow is made up of 30 companies that show a supposedly wide cross section of the American economy. The company that filed for bankruptcy was General Motors and was actually one of the 30 components. A company that dates back to 1908 and survived the Great Depression. So how can it be that a company that employs 250,000 filing for bankruptcy is actually good for the stock market and makes the DJIA rally so strongly? The easy answer is the stock market no longer reflects the economic reality on main street.”
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