Economic Spiral
* The last administration saw the economy “cooling down.” The present administration sees “recession.” The media, always eager for bad news because it sells, play up recession. The financial analysts berate a company because it made only $47 million instead of the $50 million forecast; therefore, the stock price drops. A fund manager, feeling insecure, sells. His fellow managers, not wanting to stay the course, also sell. In the meanwhile, there are many companies making very handsome profits, but the panic bug has bitten. The analysts have spoken. Could this be our problem?
AMOS BERNSTEIN
Tustin
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