Sooner rather than later, someone will tell President Bush to stop talking about not spending and start helping with fiscal stimulation. This is not at all a similar framework to 1929. This bull market is only 19 years old with little inflation. Even technology, now declared dead by many commentators, is quite alive. We are living through a profound technological revolution that is accelerating, in spite of short periods of slowdown in its growth rate.
Nothing moves in a straight line in terms of the economy and the market.