Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (8370)	10/24/2002 2:53:19 PM
From: stockman_scott	Read Replies (4) of 89467

Here's a key passage from the IBD article... <<..."I expect to see consumer spending slow down, which would mean a slower expansion, but I don't think we'll slip into a recession," said David Wyss, chief economist at Standard & Poor's. Wyss sees business spending picking up, but said it's "nothing like we saw in the late '90s. It will take us a few more years to get back to where we once were." Analysts have begun to cut earnings views for the fourth quarter. They now see profits up 17%, down from 28% five months ago. And the outlooks provided by S&P firms have presented a cautious view for the fourth quarter. The problem is it's harder than it used to be to predict what's ahead. "Things still look sluggish," said Ed Yardeni, chief economist at Prudential Securities. "CEOs have been hesitant to put a positive spin on what's ahead." Yardeni, Hill and Wyss all think some of the uncertainty and nervousness among business leaders and consumers has to do with threats of terrorism and a possible war with Iraq. Corporate scandals over the past six months have hurt as well. "There is some evidence consumers are holding back," said Yardeni. "I think it's because they don't like what they see in the stock market. They are also concerned about geopolitical risks. But I don't think they are stressed out about their income."...>>

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