Nasdaq Crashed. The New Economy Didn't

The Nasdaq bubble has burst, and the New Economy is dead. Listen to the recession talk emanating from Wall Street and Washington these days, and that's the implied message. Don't believe it. Wall Street economists who consistently failed to predict the high-growth, low-inflation years of the '90s can't wait to say it was all a financial mirage. And Washington policymakers seeking huge income-tax cuts can't wait to bad-mouth the economic gains of recent years.

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