First, because seemingly distant dates can have a very near-term impact.

But it is unclear if any major consolidation would have a near-term impact on newspaper company profits.

But the near-term impact can be painful if you pay for an earnings stream that dries up if a recession hits.

White House officials contend that the changes will contribute to growth by creating more certainty for taxpayers, but most experts say they believe the near-term impact would be limited or negligible.

"I'm not saying that rates won't decline eventually, but the near-term impact on rates is likely to be negligible."

The increases affect spot prices and will have no near-term impact on much of the steel used by major manufacturers with long-term contracts.

"When there is a 'protect the consumer' mode, the near-term impact on the companies will be much worse," said Jon Raleigh, a power and utilities analyst at Goldman, Sachs.

"Any reasonable adjustment scenario would have very little near-term impact at home, equally little near-term impact on China's neighbors" and essentially no effect on the United States.

Perhaps, but the near-term impact has been to make potential corporate customers less likely to deal with Bankers Trust, both in derivatives deals and other business.

The deaths of the senior Bruno officers "is a terrible loss, but we don't expect to see any near-term impact on specific local operations," Ms. Wilder said.