It was a week that started a million telephones jangling. Eager investors rang their brokers to buy stocks, driving the Dow Jones industrial average up a record 92.91 points to an all-time high of 1792.74. Happy homeowners phoned bankers to refinance their mortgages at interest rates not seen since 1978. Economists called up clients to report that U.S. growth will be more robust than almost anyone had expected. Corporate treasurers got on the speakerphones with their investment bankers in New York City to talk about financing bold projects with multimillion-dollar bond issues.
Bullishness was busting out all over. Nearly everyone from...
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