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Politics : Formerly About Applied Materials

AMAT 228.68

+1.2%

Nov 17 3:59 PM EST

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To: RMP who wrote (49595)	7/22/2001 7:36:33 PM
From: Ian@SI	Read Replies (1) of 70976

A nice close to Gene Epstein's column in this week's Barron's. +++++++++ ... But the economy appears to have survived this mini-cycle in relatively good shape and appears ready to lurch forward. Friday, the Bureau of Economic Analysis will be issuing its benchmark revision of GDP growth; what appeared to be quite weak fourth and first quarter will now look less weak, showing gains in the 2% rather than the 1% range. The BEA's "advance" estimate for second- quarter GDP growth will also come in at around 2%. The inventory contraction appears to be ending, and while capital investment will show a decline for the second quarter, all key signs (e.g., an upturn in orders of nondefense capital goods) show that it, too, is in the process of recovering. Contrary to last week's front-page article in The Wall Street Journal, the poor earnings outlook will have close to a negligible effect on business investment. In a competitive marketplace, business must invest in response to an increase in the demand for its product. Alan Greenspan will help see to that.

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