When Asia started sinking late last year, few of the highly paid stock market mavens in the U.S. worried much about any ripples reaching home. Too distant, too little. Too bad. But the arrogance has begun to fade. Our unstoppable bull market in stocks has, well, stopped. It is now apparent that the Far East's economic troubles have become too deep to dismiss.
Economists who once cavalierly pronounced that an Asian slowdown might even be good for the U.S.--it would help hold down inflation--are now slashing their 1998 growth forecasts and fretting about possible deflation, the broad and sustained decline of...
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