Paraphrasing (2nd paragraph)
Text
Not so fast. We think that there really is a New Economy, properly defined, and that it’s here to stay. In our view, the wild excesses of the late 1990s and the stock market plunge of 2000 ─ 2001 combined to obscure a fundamental change in the structure of the U.S. economy. The New Economy was never about the end of the business cycle. Recessions can still occur. Nor was it about price-earnings multiples rising to the ionosphere. It was ─ and is ─ about an economy capable of growing more rapidly without inflation than it did during the long slump of 1973 to 1995, because of technology-driven increases in productivity, the world’s best financial system, and the unleashing of entrepreneurial energies through deregulation.
The main idea of the paragraph
Although the growth slows down, the New Economy is here to stay. The new economy might not be able to get rid of the business cycle; however, it will grow faster thanks to technology-driven increase in productivity, the world’s best financial system and the unleashing of entrepreneurial energies through deregulation, with lower inflation.
虽然发展速度慢了下来，新经济将会持续下去，有新技术驱动的生产率的提高，有世界最好的金融体系，有因为政府减少干预而释放出来的创新能量，新经济的发展速度会加快，通货膨胀会降低。
词语解释
1、business cycle
The recurring and fluctuating levels of economic activity with effects on inflation, growth, and employment, which an economy experiences over a long period of time （about two and one-half years on the average）. The four stages of the business cycle are recovery （expansion）, peak, recession （contraction）, and trough. At one time, business cycles were thought to be extremely regular, with predictable durations. But today business cycles are widely known to be irregular - varying in frequency, magnitude and duration.
All modern industrialized countries have fluctuations in their rates of economic activity, leading to the observation that one nation's economy is "booming" while another economy is in a "recession." When an economy goes from a positive to a negative rate of growth, it is said to have reached a "peak" and entered a recession. When an economy goes from a negative to a positive rate of growth, it is said to have reached a "trough" and entered a "recovery."
2、price-earnings multiple 市盈率
price-earnings ratio （or P/E ratio, earnings multiple）, a common stock analytical static in which the current price of a stock is divided by the current （or sometimes the projected） earnings per share of the issuing firm. As a result, a relatively high price-earnings ratio is an indication that investors believe the firm’s earnings are likely to grow. Price-earnings ratios vary significantly among companies, among industries, and over time. One of the important factors on this ratio is long-term interest rates. In general, relatively high rates result in low price-earnings ratios, and low interest rates result in high price-earnings ratios.
价格-收益比例，通常人们所说的“市盈率”，等于股票市场价格÷每股的税后收益。它表示市场对该股票最近期报告收益所愿支付的倍数，即按当前收益率该股票（价格）从收益中得到偿清的年数。市盈率高，说明人们对这个股票的将来看好，期望值高。影响市盈率的一个重要因素是长期利率，通常来说，较高的利率导致市盈率降低，而较低的利率使得市盈率上升。
3、to the ionosphere
Here “to the ionosphere” means to a very high level, because “ionosphere” means “part of the Earth's atmosphere, from about 60 kilometers to about 1000 kilometers above the earth surface, in which there are many ions. 电离层
