Rare is the business boom that justifies its advance publicity. In 1937 most U. S. businessmen planned for a big recovery. It turned out to be an inventory boom. Late in 1938, early in 1939, many a businessman was persuaded into a state of mild optimism which turned out to be not mild enough. Late in 1939, World War II set off another boomlet which failed to survive the winter. By early 1940, the dominant mood of businessmen was that business was just fair and would probably not get much better. Certainly they...

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