Dow Industrial

With mounting evidence of better days ahead for both the economy and the stock market, many bears have toned down their negative comments and are running for cover. Bud Conrad is not among them.

Fundamental problems are not being resolved, but rather papered over: the excess debt of low quality, excess speculation in the financial markets and mushrooming debt and deficits.

According to a trio of incisive trackers of the economic and investment scene, there are several ticking fiscal time bombs -- inconspicuous, and so far ignored -- that are waiting to explode.

NEW YORK — Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil...