Today 28th January the FTSE tipped 6300 for a while before falling back to finish to 6,294.41 at the close. I know one days trade and only for a short spell cannot be seen as a trend but we are talking the first time since before leemans crash and before May 2008. Which is a tadd short of five years even in terms of bonds and yields this term is not insignificant, children who were not even born before the stock market crash are now at school, time and lives have moved on. Six months ago the papers were reporting record employment figures and continue to do so even with the likes of Comet and Jessops going to the wall.
Does this mean we are coming out of the mess we have been in? I don’t think so if you think we are all over the crash then think again, but to coin the words of Bob Dylan the times they are a changing. He penned those words near on fifty years ago
Don't speak too soon For the wheel's still in spin And there's no tellin' who That it's namin'
For the loser now Will be later to win For the times they, they are a-changin'
Those lines are true; the banks gambled and that wheel is still spinning Greece Spain Italy all uncertain of what the croupier will stop the wheel on whether winners or losers of the end of the crash the last throes of a dying past. The parents of those kids that are just starting school, the ones I mentioned earlier they know the times are
a-changin. They are the ones on short term contracts with no company pension and no prospect of getting a mortgage. Nearly all my working life I worked for myself so have little experience of stability in the workplace. I cannot understand those who expect to retire on a gold plated pension moaning saying they deserve it after giving so much to some often public sector scheme if they are so hard done by they could always have been less of a drain on society and got a real job!