Arguing for sturdiness rather than fragility, growth conditions are favorable in terms of global real interest rates, low inventories and strong January growth in U.S. incomes and spending.

FORBES: Malpass: 'Sturdy, Not Fragile'

We note strong profit growth, low inventories and low real interest rates.

FORBES: Heard the Good News?

We note low inventories, low real interest rates, rational consumer resilience, high levels of bank cash (since the write-downs are generally non-cash accounting entries), small business flexibility and reasonable output gains apart from housing, autos and finance.

FORBES: Muddle-Through, Part Two

We note low inventories, strong profit growth, and low real interest rates.

FORBES: More Malpass: Watch for 2007 Slowdown

Most recessions end as companies clear excess inventories and as households, with a boost from lower interest rates, release pent-up demand for cars and houses.

ECONOMIST: The economy

If the U.S. economic recovery is gaining speed, inventories will begin to swell, leading investors to take more interest in cyclical stocks.

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