dancer from dance
The stock market has been a lousy barometer of the economy.When the Wall St. Journal asks about the reliability of the Dow Jones Industrial Average (sub req'd), it suggests a loosening in the bowels of our public thing.
From the beginning of 2004 through the first quarter of 2006, economic growth averaged an impressive 3.4%. The Dow Jones Industrial Average rose just 6%. Since then, economic growth has slowed to a little more than 2%, yet the blue-chip index has leapt 18%, ending yesterday's session at a record 13089.89, the first time it has closed above 13000.
So, is the stock market providing reassurance? Or is it out of touch? Heard on the Street
We wonder whether those things that we've habitually interpreted a certain way can still be reliably so read. A widening gap between sign and sense, symptom and diagnosis, poll and will of the people, song and political vision of the singer, idiocy and idiot, performance...
and performance review.
This sort of stochastic simulation of legibility can lead to a different sort of anxiety from that marketed to us by mainstream media. We aren't worried about Bush, or the economy, etc., but about whether any of our habitual signs, those usual sources of navigational compass, still mean what we thought they used to mean, or whether anyone remembers what they even are.
A meta-anxiety, a different order of paranoia. Less immediate, more global. Less physical, more difficult to resolve or enclose in any strict, disciplined, scientific way.
An anxiety of reading.