Higher oil prices aren't crushing. Last week Federal Reserve Chairman Alan Greenspan said he expects oil prices to decline. As for stocks and consumer debt, they aren't troubling because computer and communications technologies have raised the economy's productivity. People can handle extra debt because their incomes will increase more rapidly. Strong profit prospects justify high stock prices.
Some stocks remain near their peaks.
Worry, says interpretation No. 2. The boom will fizzle. There may be gluts of everything from fiber optics to networking systems to auto plants. The investment boom has also artificially boosted profits and stocks, which could still drop. Consumer spending would then soften.