| You say he is jawboning us into a recession. I say he is taking account of real anxieties created by disappointments in retail sales, the disappearing dotcoms, and some symbolic bankruptcies, like that of Wards, among other things. Instead of waving them away, which is Christian Science economics, he is noting them, and offering a solution, namely the tax cut. This provides a basis for hope, and therefore the renewal of confidence. Meanwhile, the Fed's easing of interest rates has helped to bolster confidence, as well, and foreshadows the tax cut. |
