CUTTING ROOM: Strange fallout from the terrorist attack; Gordon's future; euro dissenters kick off with a bar-room brawl; meet the Bank's special agent ... Evan Davis at large

CUTTING ROOM: Strange fallout from the terrorist attack; Gordon's future; euro dissenters kick off with a bar-room brawl; meet the Bank's special agent ... Evan Davis at large - With all the gloomy news around at the moment, and the inveterate tendency fo

by EVAN DAVIS, economics editor, BBC

With all the gloomy news around at the moment, and the inveterate tendency for news programmes to focus on the negative, it is perhaps time to re-state a golden rule of economic consequences: few episodes that occur in life have unambiguous economic results; almost every event produces business winners as well as losers.

I say this in the wake of the attack of 11 September not to belittle the magnitude of the bad news but to help assign the correct dimension of badness to it. The attack on the World Trade Center was far more a human disaster than an economic one, and we should not let talk of the economic impact distract us from that view.

Of course, the economics can be ambiguous, but we should be careful how we report it; I'm not sure the FT should have passed the headline 'Loss of office space may lift New York property market' quite as soon as 14 September.

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