The Need for More SOX: Dow Jones Hits A Record High

We can't give SOX all of the credit but also can't avoid taking note that on Monday the Dow hit another record high, approaching 14,000.  This is a vast improvement over thenadir in 2002, when, in the aftermath of Enron and Worldcom, the market bottomed out at below 7300.  If nothing else, it is evidence of high investor confidenc.  Despite concerns about subprime lending, a housing market bubble, and gas prices through the ceiling, investors are sending the stock market on an upward trajectory.  Given the desultory predictions about the impact of SOX on the markets (companies would go private or go dark, IPOs would disappear or all go overseas), a topic discussedhere, it ought to be apparent by now that the critics at a minimum overstated the harm that would flow from the legislation and understated the benefits (mainly the benefit of investor confidence).