The Economy: Where the Mood Means So Much

There is no reason for serious concern about the basic soundness of the U.S. economy. The biggest complaint that businessmen have is that in some cases, as Henry Ford II put it, "business is merely terrific instead of phenomenal." Yet last week the U.S. was swept by a sense of uneasiness that seemed to have no basis other than the fear that good times cannot last forever.

The chairman of the Federal Reserve Board, who two weeks ago shook the business community by comparing 1965 with 1929, persisted in sounding bothered. Said William...

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