"We continue to believe that investor anxiety on Monsanto is misplaced as the company is not a cyclicalstock but a technology growth machine that should keep rolling in 2009 and beyond, fueled by strong current product demand as well as an unrivaled pipeline, " said Robert Koort, an analyst at Goldman Sachs.
While Mr. Brown deserves credit for some earlier spending cuts to reduce a large inherited budget shortfall, the budget fails to address long-run structural problems, counting on a cyclical economic recovery and stock bubble for a bailout until the next self-inflicted crisis.