Business: Big Christmas

Sailing from Manhattan last week for a vacation in Ireland, James Aloysius Farley risked his shining reputation as a prophet with a new prediction. The man who was right about Election solemnly declared: "It is my firm belief that the country will soon have the most prosperous time in all its history. . . . This Christmas will be the best and most prosperous in the history of the nation. I am sure that we will see people spending more money than in any previous Administration."

Even discounting Mr. Farley's native optimism, the prospects of...

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