April 20, 2001

Preparing for Hard Times Shows Wisdom, Not Pessimism

By MICHAEL S. McPHERSON and MORTON OWEN SCHAPIRO

We don't know a single economist, including Alan Greenspan, who has declared the business cycle obsolete.

ALSO SEE:

A special report on colleges and the economic downturn

After the longest economic expansion in our history, we should expect more-difficult times ahead. Inevitably, what goes up must come down.

If

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