The stock market is not the economy
Probably the worst economic mistake made day after day after day in the news media is the confusion of the level of the stock market with the strength of the economy as a whole. The stock market is a place where a bunch of people come together to exchange guesses about the values of a bunch of different companies. Since many of the people participating in the stock market are speculators rather than investors, their guesses are often frenzied and wildly out of line with reality. The economy as a whole, by contrast, is where everything that we own and everything that we produce come together to make life tomorrow better than life today. Unfortunately, few reporters know the difference.
Graphic of the day: World in Harmony
Long Island faces a crisis in disposing of treated sewage