Conventional wisdom says the stock market has gone too far, too fast. Sceptics argue that the financial system is broken, over-indebted consumers have reached breaking point and the recovery in business confidence will fizzle out as state-financed vehicle incentive schemes end. If you believe this, the best you can hope for is sub-par growth and a range-bound stock market.
I think the balance of evidence favours a much more positive interpretation.
If no one told you we were in a depression, you would be forgiven for thinking a normal economic recovery was taking hold. One, moreover, that could last for years.
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