They mostly remain convinced that the problem is only temporary, that the economic reports are coming in worse than their forecasts only because they under-estimated the effect the surge in energy and commodity prices would have on consumer spending, and the effect the Japanese earthquake would have on auto and technology production.
We need to do it urgently, even as we contend with some of these other issues that affect our economy that either we have limited control over or no control over, like the effect that the Arab uprisings had on oil prices or the effect that the earthquake and tsunami had on the economy because of disrupted supply chains.
He says that when an earthquake struck the island in 1999, a catastrophic ripple effect was expected, but the industry managed to regain its footing quickly.