While he was off on his l978 tour,Americans were becoming disgusted with their lot as all“emerging second—class nation”,Wilson says.They began to see that incentives had to be restored to the economy.For instance,the capital gains tax was cut,an extraordinary turn—about.If it had been predicted before he went away in May,he would have said it was simply inconceivable as inconceivable as the prospect of Resorts going up1,000 percent. This momentous transformation in the U.S.should soon bring about a huge bull market. In the l940s and l950s,the last time price earning multiples were at these low levels,the investing public expected that there would be another great postwar depression.Instead,aRer the beginning of l953 it became apparent that there would not be one,and price-earnings multiples got so low this time that investors felt that the country was drifting into socialism.That drift,however,may be reversing direction. Wilson believes that the bankruptcy of New York City means the discrediting of big government,that as a result there will be less government,and that things in general will go much better.From l980’s depressed levels the market could rise to twenty times doubled earnings or almost fivefold in five to seven years.Wilson believes that he’ll be worth hundreds of millions of dollars before it's over.