What's this thing and what's it do?
 

I have a rattle in my rear passenger tire/suspension area in the '94 wagon. I found this ~10 inch verticle rod that has a thru bolt in the top which connects it to another bent rod, and a < > looking part on the bottom that I think also has a thru bolt. It is very loose. It is the most aft of the suspension parts. Is it dangerous to drive with this thing like it is? It is isn't ready to fall out but I don't like to take chances with safety. I just had the rear control arm bushing replaced - should my mechanic have picked this up too?

Sounds like a stabilizer link to me. It is not a safety item.

Replace it. The mech may not have seen it if it were not worn through.

What are you doing even driving then?

I love this site. Thanks guys.