Hoadley discusses the prospects for 1975. Profits will continue to sag, the market to stagnate, and consumers will be frustrated. The GNP will decline in real terms of 0.7 percent, unemployment will be up to 7.3 percent, and corporate profits before taxes will fall 14.6 percent. Consumers will hold off on purchases because of high prices and job insecurity. However, Hoadley is apprehensive about this outlook. He believes that the outlook for the global economy and international financial markets has reached astonishing levels and these predictions of disaster are nonsense. While a return to "the good old days" is unrealistic, he thinks there is hope for 1975. As he puts it, the outlook is what we make it.

Hoadley's biography includes: Executive vice president and chief economist, Bank of America NT&SA, San Francisco, 1968-81; senior research fellow, Hoover Institution, 1981-2003; president, Commonwealth Club of California, 1987; author, "Looking Behind the Crystal Ball," 1988.