It may be that I have lived through an aberrant period in American history and my modest optimism is misplaced.

"Business leaders' sudden pessimism breaks a chain of modest optimism that has lasted for well over a year," said Steven Malin, conference Board economist.

But some modest optimism has emerged, especially since the North Korean leader, Kim Jong Il, visited China last month.

Ultimately, they split the difference: the season was a failure, but it gave them reason for modest optimism.

But there are also reasons for modest optimism.

Speaking with candor and calm, the manager mixed a modest optimism with a consuming realism.

Many merchants retain a modest optimism, seeing real growth of 2 percent in sales over last year.

I regret, Mr Solana, my inability to share even in your modest optimism.

He expressed modest optimism about the Impressionist market and felt that some new collectors were emerging.

With a week to go before the season begins, the Knicks are enjoying modest optimism, and the Nets are fighting off a mild depression.