Sensationalists are warning that recent declines in stock prices are the start of a crash. While that may be possible, it's hard to see why. And even if stock returns during the next few years are disappointing, that still won't tell us much about the U.S. economy.
First, let's note that the Standard & Poor's 500 Index is down about 3.2 percent from its high of a little more than a week ago. The biotech and Internet stocks that had gone up the most took the biggest hits, with declines of about 20 percent from their recent highs.