“The Chairman of the Federal Reserve may have good reason to believe that America’s economy is on the edge of a cliff.  He may have inside knowledge of the risks of an imminent financial bust . . . But big doubts remain.  America’s economy is still growing briskly.  Labor markets remain tight.  Money-supply growth is bounding ahead.  Moreover, financial worries  seem to have eased . . . But America’s economy looks set to slow sharply next year.  GDP growth may be only 1.5% in 1999, down from 3.5% this year . . . Moreover, things could conceivably turn out worse.  Consumer spending could fall if Americans start saving again — as they must some day.  Companies may cut back sharply on investment . . . and exports would be hit if the international outlook worsens . . . but the more share prices are become overvalued, the more they will eventually have to fall . . .”

This sounds like it could have been written today, doesn’t it?

 . . . the more they stay the same?