Reasons to be cautious about the US

While I am not predicting a dive in the US market next year ' in fact I'm mildly bullish for 2003 ' there is plenty to be nervous about. So here are the 10 scenarios that scare me most, in reverse order. Number 10 is a Saddam stalemate. George Bush, after rattling the US sabre, has retreated a bit from his hawkish rhetoric and seems to be waiting for the United Nations to take the lead in crusading against the Iraqi dictator. What if we have neither war nor peace? What if the UN threatens action and Saddam Hussein just smiles? What if Bush then tries to assemble a coalition to bypas...