Glum economic prognostications abound, but when New York Stock Exchange Chairman James J. Needham spoke before the Economic Club of Detroit last week, his predictions were gargantuan as well as dire. Using figures based on an N.Y.S.E. study, Needham estimated that U.S. capital demands through 1985 will amount to a cumulative total of $4.7 trillion. During the same period, he argued, the economy's savings potential will only amount to a bit more than $4 trillion. The probable result: a capital shortfall of $650 billion. That figure, says Needham, "represents the projected gap...

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