I said "The longer the boom, the longer the 'real economy' is fragile." I meant to say that "the MORE the real economy is fragile." BTW, I am not predicting an instant replay of the Great Depression (though that scenario seems more likely that when I wrote my 1994 RPE article). The US and world economies are quite different from in 1929-33. For example, despite Paul Krugman and all of the other "free trade vulgaris" camp, a trade war seems very unlikely. (my last message for the day; I really have to work.) in pen-l solidarity, Jim Devine [EMAIL PROTECTED] [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ. 7900 Loyola Blvd., Los Angeles, CA 90045-8410 USA 310/338-2948 (daytime, during workweek); FAX: 310/338-1950 "As far as the laws of mathematics refer to reality, they are not certain; as far as they are certain, they really do not refer to reality." -- Albert Einstein.
