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Recovery Lacks Legs
-- April 19, 2002

Q: You seem unconvinced by all the upbeat economic news coming out. What conditions would you need to see to become bullish on the economy?

A: In order to be convinced of a sustained recovery in the economy, we'd need to savings replenished, balance sheets cleaned up, debt reduced, and stock valuations become more attractive. And, unfortunately, that's just not happening.