The current consensus on Wall Street is that the Pentagon budget has begun a steady, multiyear upturn. This is underpinned by three asumptions: 1) The world is a more dangerous place; 2) In constant dollars, defense spending cycles do not waver from the pattern established since the late 1940s; and 3) There is a pressing need to capitalize aged combat aircraft and other capital assets.  Capping this consensus are the statements of U.S. senior Defense Department leaders. While the ...

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