Louis Proyect quoted:
>The American Socialist, April 1955
>Spotlight on the Stock Market
>It is more
>probable that the inner diseases of the system will continue to eat away at
>its core in the form of an extended stagnation, lack of growth, gradual
>swelling of unemployment, slow attrition against the living standards of
>the people, etc. In other words, the war ‘budget and the other governmental
>measures may subdue the more volcanic manifestations of capitalism’s fatal
>disease, but cannot alter the basic trend of decline.
>
>The stock market boom may itself very well reflect that basic disease.
>Competitive bidding for shares in the nation's industry such as has pushed
>the price of stocks up during the past year can reflect a plethora of
>capital looking for fields for investment; this at the very moment when the
>expansion of the nation’s industry is running up against barriers in the
>form of limited consumer purchasing power. If that turns out to be the
>significance of the present bull market, it can have the gravest import for
>the prospects of the American capitalist system.
Dow Jones Industrial Average:
9/29 362.4
4/55 425.7
1/60 622.6
1/80 875.9
2/00 9862.1
