"There will be ups and downs" may go down with "Brownie, you're doing a heck of a job" as turns of phrase that President Bush regrets having made. The former, part of a speech the president gave at the Economic Club of New York last Friday, might seem to many to somewhat understate the problems that the American economy currently faces—problems severe enough to force dramatic action by the Federal Reserve.
I can tell you that the investment pros I've chatted with thought the speech was a disaster—way too glib. In particular, the president seems to be placing far too much hope in the fiscal stimulus package to boost the economy. What do the money guys want? An intervention in support of the dollar would be nice, as would a homeowner bailout—I mean, "rescue."
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