DOW DETACHED - AT 4:31 P.M. ET:  There was some very bad economic news today, especially the report on dramatic contraction during the last quarter.  And how did the Dow react?  Why, it went up 169 points, to close at 8186.  We seem to be repeating at least part of the pattern of the great Depression.  Between 1933 and 1937 there was a sustained stock market rally, which had absolutely nothing to do with the real economy.  The Wall Street casino proceeds.

April 29, 2009