For the last two years there has been a grand canyon-size gap between facts and fear. An economy growing at 2.1%, as it did from the second quarter of 2007 to the second quarter of 2008, was described by most as a recession. The 2007-08 stock tumble, which resembles 1973-74, is instead compared with 1929-32. The analogy is not remotely close. Before stocks began falling a year ago, they were not in a bubble, as they were in 1929.rnI don't recall this level of panic and fear in 1973-74,1981-82, 1987 or 2001-02. What explains it? Here's a theory:
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