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CEOs see negative impact from war in Iraq
White Sulpohur Springs, Oct 06: A war against Iraq could spell trouble for a fragile US economy trying to regain momentum from its first recession in a decade, top US corporate executives said this week.
The Bush administration has been pushing for renewed, unconditional inspections for weapons of mass destruction in Iraq and is contemplating military action if Iraqi President Saddam Hussein refuses.
"This is just another negative ... with respect to the capital markets and the equity markets," said Bill Harrison, CEO at J P Morgan Chase and also vice chairman of the Business Council.
A short war against Iraq might mitigate the downside impact on the US economy, but should the conflict become complicated the economy would almost certainly suffer more, Harrison said, adding that the prospect of war was a "net negative."
CEOs from a wide swath of companies, from technology to pharmaceutical firms, have been discussing national security and the economy at the luxurious Greenbrier resort in the mountains of West Virginia. Bureau Report