October 08, 1999

The flight of the U.S. economy is about to encounter some turbulence, and, as a result, its pilots, co-pilots and traffic controllers will bring it down to a lower flight level. The sad part of the story is that much of the turbulence could have been avoided since its a direct result of the actions of people at the controls. This is not totally unexpected, when things are going as well as they have for the last few years, surprises are likely to be on the downside. That is, changing market conditions may bring about the wrong policy responses.

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