If the Federal Reserve and other policy makers can pull off a "soft landing" similar to the one that occurred following the big run-up in stocks in 1985-1986 and again in 1995-1996, investors will be smiling.

However, it will be a difficult task, for a long list of risks threatens to slow the economy in 2007 in response to two years of rate increases by the Fed, according to Bloomberg columnist Chet Currier.

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