NewsNation | March 06, 2013
>>> as the dow continues its climb after closing at an all time high, the milestone is not celebrating as it would be. the recovery is remarkable because the housing market remains weak. fiscal battles drag on in washington. right now let's take a look. the dow is up 53 points. the coanchor of cnbc's power lunch and from the "new york times" article to what you are hearing from people as well, they see not just the instability in the political system, but in their own homes and the big numbers on wall street .
>> to that, i would add a 30 thing. this is the third time in recent years that the market has sprinted up to all time highs. the first was the year 2000 and 2007 . what happened after that? in 2000 we hit a wall and the bubble burst. there was 9/11 and the economy went down and the market cratered. in 2007 , the market peaked amidst the housing bubble and the house prices peaked and down we went again. this time around, i think people are feeling skeptical like i have been to the rodeo before. that is adding to the muted response.
>> we will play a conversation on the head of " morning joe ." let me play it.
>> this is just literally the 30 stocks, the vast majority have not hired a person during this run up. it is just totally -- disconnected from what people feel. that's why people feel badly.
>> bernanke is the best thing to happen to the stock market . the reality is with the uncertainty of the economy of which the government is not doing much, you have low interest rates for a long time. it's important to understand that 80% of the top companies, there is business is outside of america. there is employment growth, just not happening domestically.
>> the they relate to unemployment and the disconnect.
>> the companies represented in the dow are making more money. one of the key reasons is that they are able to do more with less. fewer employees and many of them as the second guest said, many of those are employed outside of the united states . there has not been job growth that has gone along with the growth in the value of the corporations represented in the dow index. that's the real disconnect. they are expected to grow by 9%. partly because a lot of the companies are lot of products and partly because they have been able to become more efficient and more profitable and that simple translation is a smaller workforce.
>> we appreciate you talking about an incredible day. on wall