The Economy: Boom Without Bust?

Depression memories die hard, and no matter how strong the U.S. economy may seem, there are always those who warn that "we are merely postponing a cyclical downturn." Or "we'll level off in the second half." Or simply: "What goes up must come down."

Yet the economy is now entering its fifth consecutive year of spectacular advance. Last week, for the first time in history, the Dow-Jones industrial average of 30 leading stocks on the New York Stock Exchange went over 900. The mark, which is an arbitrary index that has been in use for nearly 70 years, came less than...

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