Hoover Thought The Economy Was Sound, Too

Why are your Business Outlook prophets so sure this engineered "soft landing" is a recession ("The recovery was a lemon to begin with. No wonder it broke down," Dec. 2)? Ever since Adam Smith wrote the book on the dismal science of economics, depressions have afflicted capitalist economies. Yes, I know most respectable economists pooh-pooh any mention of big "D," and the President says, "The economy is fundamentally sound" at every photo opportunity. But I'm certain he would change his tune if he realized Hoover sang that swan song of the roaring '20s in 1929.

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