29-Jan-03

Three points:

First, as of Bush's state of the union speech on January 28th, the question is no longer, will he attack Iraq, it is, how many allies will he have when he attacks Iraq?

Second, the Wall Street Journal's top front page headline the day after the speech was, "How Fears of Impending War Already Take an Economic Toll." In other words, the economy and the war have become the same story.

Third, regarding war investments, the Wall Street Journal also said on page one that day, "The Pentagon budget chief said that his accounts need replenishment." Good news for defense stocks.