STATE OF BUSINESS: Bad Guess

U.S. businessmen, who thought that Washington had already confused them as much as possible, discovered last week that confusion can be compounded. As he was sworn in as the newest member of the President's Council of Economic Advisers, ex-Economics Professor Robert C. Turner, 44, told newsmen that the peak in defense spending—which everyone thought was almost a year away—has virtually been reached. Added Turner: "It will be a difficult and delicate job to maintain present prosperity."

Next day, when the stock market took one of its sharpest flops in recent weeks, many traders blamed Turner's gloomy prophecy. Turner, who...

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