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Whither Defense? The Big Picture

Quick: Is defense spending up or down?

Now take a look at this chart:

U.S. Defense Spending: 1940 - Present(No political commentary offered or implied.)

The current defense spending spree dwarfs all previous ones. However, each previous bulge has been followed by a downturn.

If history is any indication, the question is not if there will be a downturn. Rather, the questions are: how soon and how deep?

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.