"The dog barks, but the caravan moves on" is an old Iranian proverb that in many ways characterizes the economy over the past five years of economic expansion. Over that period of time, packs of dogs have barked and yet the economy has moved on, continuing to grow despite many challenges. Beginning with market crashes, fears of pandemics and terrorism, to war, accounting scandals and Wall Street malfeasance, nothing has kept the economy from growing since the post-9/11 recovery began in late 2001. And that growth was not confined to the United States; the past five years showed more aggregate global economic growth than any other five-year period since World War II.

The scenario today is no different. The latest worries center around the collapse of the housing market, the inversion of the yield curve in the Treasury market, the size of the trade deficits and the health of consumer finances. Are these enough to bring down the economy or will the caravan once again move on?

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