markets. Any aggressive share buybacks will further reduce the tolerance threshold for earnings pressures. Outside the U.S., the attacks are likely to add to the pressures of banks, as investment volatility becomes a threat to the already precarious financial positions of banks. Though the economic effects of the attack on the World Trade Center and the Pentagon have raised various opinions from financial analysts, none of them has the capacity to fathom fully how the tragedy of September 11 will play out. But in the weeks ahead, as the shock wears off, they should be able to better gauge how the ongoing dynamics of these events are shaping the immediate economic outlook. ...
