Judging from corporate profits, we should be enjoying a powerful economic recovery. The drop in profits in the recession was about a third, the worst since World War II. But every day brings reports of gains. In the second quarter, IBM’s earnings rose 9.1 percent from a year earlier. Government statistics through the first quarter (the latest available) show that profits have recovered 87 percent of what they lost in the recession. When second-quarter results are tabulated, profits may exceed their previous peak.  To read more, please follow this link.