Antony Davies considers whether the pick-up in the stock market is a significant sign of economic improvement.

“Frankly, I would have been more comfortable if we were at this point 12 months ago,” said Davies.  “In the crash of 87, when the stock market lost 25 percent, it took us maybe three months to climb out of that hole.  The housing bubble bursting was a much bigger thing, mind you, nonetheless, all our physical plants were there, our workers were there, we hadn’t lost our education.  Everything was there.  The economy should have come back.”