POLICY: Taking Stock of the New President

The stock market is the most sensitive barometer of investor attitudes, and it has reacted to Jimmy Carter's election with a minicrash. During the first eight trading days since the vote, the Dow Jones industrial average plummeted more than 38 points, to a close of 927.69, the lowest since last January. Though stock traders have had other things to worry about—primarily the slowdown in the economy—the chief reason for the sell-off appears to be fear that Carter's programs to speed up the economy will set off a new burst of inflation.

Talks with leading businessmen around the country indicate, however, that...