I keep hearing how great the economy is by hitting 13,000. Nobody mentions though, that the dollar is worth about 40% less than it did 10 years ago. So 13,000 is actually 40% less than that.
No one talks about how low the volume is when chatting up the 13K number.
The dow multiplier supposedly accounts for inflation but what is really different from years ago is that most of the companies in the dow 30 are different now, compared to then. Apples to oranges to compare dow across decades.