Russell's Blog

The Dow had its worst day since the September 11th attacks today, falling 416 points following a major correction in the China's stock markets. This is a good time to remember something that reporters and politicians often forget: The economy isn't the stock market.

For several years, the stock market has been booming while most Americans are facing increasingly worse financial situations. In 2006, the personal savings rate went negative for the second year in a row -- something that hasn't happened since the Great Depression. Every time Bush talks about the economy recently, he tells us how the economy is "strong." Piffle. The economy might be growing, but it is anything but strong. "Growing but extremely fragile" is a more accurate characterization.

Nevertheless, when the stock market has a shock, the axiom still holds. The stock market isn't the economy. Bad news on Wall Street might actually be a good thing for America right now. It's about time that the rich and powerful catch a gust of the ill winds that have been ravishing America's poor and middle class. Maybe they will put down their cognac long enough to help us do something about it.