“FOR IF THE TRUMPET give an uncertain sound, who will prepare himself for the battle?” In the face of perceived economic uncertainty, certainly not the Federal Reserve Board’s monetary policy committee, which decided last week that standing pat while the economy passes through a “soft spot” is the wise course. And certainly not President Bush, who gave only luke-warm support to his own misnamed “stimulus package” when he offered the nation his appraisal of the state of the union. And certainly not the seers in the investment houses and on television, who claim that “uncertainty” is so great that they simply have lost the gift of prophesy.
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