09.21.2001
Depression is not a natural state of mind

• A survey by the Washington-based Pew Research Center found that 71% of the Americans questioned have felt depressed since 11 September, that half of adults were having trouble concentrating and that one in three were having problems sleeping. Dramatization of events by the US media has, in our opinion, created widespread and overblown fear of the threat to the average American of terrorist attacks.

• These fears have created a more uncertain future and this is underlying the US market selldown. But excessive fear, depression, inability to concentrate and sleeping problems are abnormal psychological conditions and are unsustainable. That’s why we expect economic activity to trend back to normal and the US markets to regain recent losses as confidence is gradually restored over the coming weeks.