After a searching two-year look at the economy, the Committee for Economic Development last week came to the conclusion that the U.S. is virtually depression-proof. "Changes since before the war in our financial, budgetary and psychological situation," said the committee's report from top businessmen, have all but done away with the dangers of an oldtime deflationary spiral. While there is no guarantee that there will be no more recessions, the changes do mean that what "might have turned out to be a severe depression would be a moderate recession and what might have been a moderate recession can now...
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