New York, Oct. 6—In my lifetime such grave respect has not been extended to the Stock Market. We were trained, in the post-New Deal era, to think ofitasa barometer of quick profit. The market was up? Business is good—and the great public is paying for it all. The Stock Market is down? Business is not so good —but it is paying over some of its huge profits to the great public, and that is transcendently good. It has been since before 1 can remember that the liberal-philanthropic-intellectual lobby has gathered, as if at the funeral of the boy who stood on the burning deck, to weep over the Stock Market’s demise.
What is the market saying to us? The accepted solution to that question is that the Stock Market is reacting against the tax cuts, on the grounds that they are going to push the estimated deficit for fiscal 1982 from $40 billion to $60 billion. There are, apparently, people who believe this.
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