April 15, 2003

Investors spent the last three weeks glued to their television sets, tracking every battle in Iraq. It struck us that most pundits were noting that on the day that the Iraqis tore down Saddam Hussein's statue the markets declined. One explanation given was that the market had rallied in anticipation of the war. No one mentioned that it was a sad day for the economy; Senate Majority Leader Frist and the Bush administration suffered a major defeat.

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