Wall Street, Main Street

By February 1, 2007General

Sometimes the greatest moments are impromptu, unscripted. And so when the President waded onto the floor of the New York Stock Exchange yesterday, it was a moment full of buzz and excitement. You could see the traders mobbed around him and even hear chants of, “Four more years!” For the President, it was quite a moment. And, this was no ordinary day on Wall Street. This was a day when the Dow fell one point short of its record close.

The class warriors among us like to draw a bright line between Wall Street and Main Street. However, further inspection tells us the line is not so bright. The truth is we are fast becoming an “ownership” society with more and more workers owning stock in their companies. Also, the largest shareholders are not individuals but pension funds — more specifically union pension funds. They all had a good day on Wall Street, meaning all those folks had a good day on Main Street.

So let the President bask in this momentary, fleeting — and well-deserved — glow. Things are going well on Wall Street. And, although most would rather tell the class warfare story, the truth is that’s good news for most American workers and retirees.