GOOD NEWS about the U.S. economy is easy to come by. “The good times are back,” chortles the Wall Street Journal. Most analysts are guessing that the economy is now growing at an annual rate of somewhere between 6 percent and 7 percent. It seems that the happy recipients of this summer’s tax refunds surprised most analysts by dropping fully three-quarters of their refunds into shop tills. Everyone seems happy.

* Investors have been watching share prices pursue an upward course that has taken the Standard & Poor’s index of 500 companies to about 25 percent above its March lows.

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