Soothing platitudes from Chairman Has-been decoded

[timework@xxxxxxxxx (Tom Walker)]

"Indeed, much economic activity ground to a halt last week," Greenspan said.
"But the foundations of our free society remain sound, and I am confident
that we will recover and prosper as we have in the past."

Translation: "The building may have collapsed but the land is still there
under the rubble. We've still got our TVs and shopping malls."

"In the weeks ahead, as the shock wears off, we should be able to better
gauge how the ongoing dynamics of these events are shaping the immediate
economic outlook," he said.

Translation: "I haven't got a clue."

"To be sure, these signs were tentative but, on the whole, encouraging,"
Greenspan said. Since the attacks activity has waned as consumers "stayed
riveted to their televisions and away from shopping malls" and some
industries like airlines have suffered severe cutbacks, the Fed chief said.

Translation: "There are two kinds of labor: productive and unproductive.
Shopping is productive labor. Watching TV is unproductive."

Tom Walker
Bowen Island, BC
604 947 2213