Just to put that in some sort of perspective, what that really means is that under the Bush Administration auspices, the Market has rturned to levels that were last seen during the Clinton Administration. So basically, we're back where we left off under the leadership of the last President with a functioning frontal lobe.
Despite all of the record profits for the Exxon Mobile's and all, and I mean all, of the money that private equity firms have corraled from Bush's tax giveaways to the rich, we're as a nation of investors no better off then we were before this disastrous and deluded and wrong thinking presidency usurped their way into power.
Here's a decent business friendly run down of private equity firms, just note this tidbit:
The headlines about private equity have focused on the dollars rushing in. Kohlberg Kravis Roberts proposes buying Vivendi for $50 billion, a record-sized deal that would have been unthinkable just a year ago. Blackstone Group announces that it's raising a $20 billion fund, the biggest ever. Private-equity firms already own a growing stable of America's most famous companies - Hertz, Neiman Marcus and Toys "R" Us, among others.
Yes, private-equity deals are making investors rich. In the 12 months through last June, investments in PE firms returned 22.5 percent, vs. 6.6 percent for the S&P 500, says Thomson Financial.
Over the past ten years, the score is 11.4 percent a year vs. 6.6 percent; over the past 20 years, 14.2 percent vs. 9.8 percent. Those are significant differences, and some critics charge that huge fees and sweetheart deals with management are siphoning value from public shareholders.
That's what Bush has accomplished. He's enabled the transfer of vast sums of public equity and public earnings into the coffers of the rich and the richer. Never forget that fact.