Word: baumohl
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...There's really no sign that the economy will overheat soon," says TIME business reporter Bernard Baumohl. "But Greenspan has to maintain his role as captain of the economy. If he admits that the economy is on autopilot -- which it is right now -- the Fed loses its relevance." Usually such vocal vigilance from the Fed chairman portends a hike in interest rates. But Baumohl says Greenspan still hopes that a "soft landing" -- in which the U.S. economy, dulled by Asia's recession, "sort of taps its brakes and cools off on its own" -- will allow him to do nothing...
...Chicago, Dallas and Miami if their competitors demand it. And with Virgin's Richard Branson charging that the EU wasn't harsh enough, the pressure on British-American isn't likely to let up. "There's no certainty that this deal will finally be consummated," says TIME reporter Bernard Baumohl. "The extent of the sacrifice demanded by the EU regulators makes the venture a lot less lucrative for the two airlines than it once seemed...
...doesn't have much more than $15 billion left," says TIME business reporter Bernard Baumohl. "It knows that that kind of money would just be a temporary stopgap to support the ruble and pay some wages -- to buy some time." For Russia to have a chance at recovery, the money has to be linked to real reform -- improved tax collection and deep spending cuts...
...Russia, despite the promises of its president, may not be ready to change. "The Duma makes reform very difficult -- in part because the hard-liners wouldn't mind if the Yeltsin government fell," says Baumohl. Perhaps Yeltsin will disband the Duma after all -- if only to get his hands on that loan...
...yesterday's U.S. intervention to boost the yen -- further devaluations in Asia would swell the already bloated deficit. Some relief may eventually come from Europe, however: "If Europe's economies keep bouncing back, their increased demand for U.S. exports will offset some of the losses in Asia," says Baumohl. Until then, it's going to be a rough ride...