Now we're in slash and burn time. We think that analysts are going to take down estimates to 5 or 6 percent growth.

There are a lot of upside surprises. It's just across the board.

We think when all is said and done, you're talking about something like 13 percent growth.

Retailers are doing a much better job in terms of inventory control.

All the same, a rate cut won't have any immediate effect on companies' profits. These rate changes take six months to a year to be felt, which means it won't be until the second quarter of next year that the last interest rate hike makes its way through the economy. So it may look pretty bleak until then.

Through 2001 profit gains are expected to continue slowing, but get back to more sustainable levels. People are viewing this as terrible that growth is slowing, but that's going on the assumption that high double-digit growth is normal.