Economy: down for the long haul

Christopher Byron, writing in the New York Observer, forsees a long tough road ahead for the American and global economies in the aftermath of 9/11. Even without the tragic events, he posits, the stock markets had been heading south and would probably have reached the same levels. Now billions of dollars have vanished from the economy, in the form of business not done last week and cancelled plans going forward. The American consumer has been the hoped-for saviour in any turnaround but “Many Americans have doubtless concluded already that simply going to the store is to put oneself in harm’s way.”