Word: baumohl
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Indeed, the announcement was the statistical end of Japan?s longest recession since World War II. But you know what they say about statistics. "There?s not much evidence here of a genuine economic turnaround," says TIME senior economics reporter Bernard Baumohl. "This is a natural reaction to the huge amount of money that has been dumped into the economy by government spending. It may only be a dead-cat bounce...
...Baumohl isn?t even sure he can trust the surprisingly robust number on its face. With so much riding politically on Prime Minister Keizo Obuchi?s ability to get his country?s once-proud economic heart beating again, "it?s a bit dubious," he says. "I?m not saying there?s some nefarious plot, but with so much political pressure for a turnaround, some analysts suspect that some pretty optimistic reckoning was used...
...dabble in online trading with other houses, Merrill Lynch is finally getting into the Internet trading game. "There's no question that online trading is here to stay, and in five years, it will be the conventional way for ordinary people to invest," says TIME senior economics reporter Bernard Baumohl. "Merrill was founded on the idea of investing for the little guy -- they finally decided that they couldn't be left behind...
...right to the heart of Merrill's reluctance to get into the online business in the first place: their brokers. "Merrill is known for its brokers -- it's got a whole army of 15,000 of them that are very sensitive about getting cut out of the process," says Baumohl. "It's a huge political problem within the company." But chairman David H. Komansky didn't sound that worried -- or sympathetic. The brokers "will still do very well," he said, "so long as they are willing to provide value-added service to their client." In the age of the Internet...
...have little incentive to discount. Still, there may be some relief before the year is out. "If past airline patterns hold true, one or two of the major carriers will eventually break with the pack and lower fares to get a competitive edge, prompting the others to follow," says Baumohl. The only question -- whose answer will probably come too late for most vacationers -- is when that will happen. So until further notice, make sure to pack your wallet along with your parasol...