Their trading decisions are not really driven by a longer-term view about the economy and what the Fed might do.

On the other hand, taking a longer-term view, the number of journeys in 2002-3 was lower than for the 1950-60 period.

But one Government official suggests a longer-term view to help explain today's woes.

But now "analysts seem to be taking a longer-term view."

"Forces of society are so powerful that a youngster isn't interested in the longer-term view," he said.

"The longer-term view could be that this is a glitch along the road," he said.

"We take a longer-term view that can generate good returns."

But studying the effect on the fish gives a longer-term view.

"The key is not to expect over a billion, and take a longer-term view," he said.

Of course we also need to take a slightly longer-term view of things.