After Labor Day two years ago something happened to Recovery which had been booming—the bottom fell out of it. After Labor Day last week something happened to the business stagnation, miscalled Recovery, which succeeded 1937's sharp Recession. What happened did not even vaguely resemble 1914's war-induced economic scare. It resembled far more 1933's midsummer buying spree — when NRA was around the corner everyone wanted to spend his money before prices went up.

For months before the present war began business was not bad—many businesses showed a profit—but there was not enough...

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