Word: baumohl
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That's not a surprising move in today's financial climate, says TIME financial writer Bernard Baumohl. "The retail side of things has always been the least profitable aspect of banking, because you have to lease property and pay tellers." Traditional banks have also been losing individual customers to an ever-widening array of brokerage houses and online banks. By adopting an institutional angle, Deutsche Bank AG will be able to overlook those market risks - but where will their individual customers go to do their everyday banking? If Germany follows U.S. banking trends, says Baumohl, there will be a bunch...
...Even though we're not nearly as dependent on oil today as we were 30 years ago, it still accounts for 40 percent of our energy use, and last year - when prices were depressed - it accounted for some 14 percent of our GDP," says TIME senior business writer Bernard Baumohl. "So the trebling of the oil price could very well act as a brake on economic growth, by slowing down consumption. When the price at the pump climbs to $1.80 or $2 a gallon, that eats into the amount of money households have to spend on other things...
...slowdown effect, of course, will make life easier for Chairman Greenspan. "If oil prices help slow the economy down to within the 3.5 percent speed limit on growth desired by Fed economists, Greenspan may not need to raise interest rates again after March," says Baumohl. "Already the stock market senses that the cumulative effect of previous rate hikes combined with the rising oil price are going to slow growth later this year." The big question, particularly for presidential candidates, will be how abrupt the slowdown will be. If the growth rate eases gently down from the current 6 percent...
...Greenspan is concerned that demand for products and services is growing at a faster pace than the economy can supply," says TIME financial writer Bernard Baumohl. "That's the formula for inflation." This rampant demand, notes Baumohl, is based largely on the success of the stock market, in which an unprecedented percentage of Americans now have a stake. "The Fed sees the stock market leading consumers to act in a way that may not be rational," he says. "Consumers check their portfolios and see gains, and spend money based on those gains before cashing in their stocks." That...
...former employers at the Bank of New York, although these may not necessarily be of a legal nature. "When a senior bank official admits to such activity, the bank faces the danger of being stigmatized as an institution that has failed to properly scrutinize its employees," says Baumohl. "Still, it's likely to be more of an embarrassment than a legal problem...