Euphoria Ends

A cooler view of Reaganomics

Every spring and fall, the chief executives of some 50 of America's largest corporations get together without fanfare for a quiet weekend meeting of the Business Council at the posh Homestead resort in Hot Springs, Va. The agenda includes tennis, golf, business discussions and briefings from top Government officials behind closed doors. TIME National Economic Correspondent David Beckwith attended last weekend's session and filed this report:

The mood of the executives was dramatically changed from a year ago, when Business Council members were rhapsodizing, without a word of skepticism, about the remarkable prosperity that would inevitably follow congressional...

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