It has been a tough three years for Corporate America. In the wake of the stock-market bust, businesses everywhere have made painful adjustments to the new realities of the post-bubble economy More sober assessments of risk and expectations have forced companies to eliminate the excesses in production capacity, inventories, and payrolls that the boom had generated. Along the way, recession, scandals, and war made the process even more wrenching. The business sector's problems have weighed heavily on the recovery.
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