Word: baumohl
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...Jones industrial average topped the milestone by three points briefly on Monday before slipping back to close at 4,983.09. "The 5000 point mark is a psychological barrier that has no inherent significance, but is an important indicator of investor confidence in the economy," says TIME's Bernard Baumohl. "It is a sign that investors are pleased that the budget is on the way to getting balanced, and also that they believe that the Federal Reserve will lower interest rates by the end of this year. I expect that sometime next year the Dow will break the 6000 mark. There...
...point, a particularly testy exchange flared up after Domenici and Tyson got into what senior economics reporter Bernard Baumohl called a "gloves-off discussion over Medicare and Medicaid cuts." When Tyson interrupted Domenici, the New Mexico Senator snapped, "I did not interrupt you, and you spoke for 14 minutes!" The tension subsided only after Sinai took the opportunity to remind his fellow panelists that in economics, discourse and disagreement often go hand in hand. "If we laid all the economists from end to end," he said, "they would not reach the same conclusion." That was one point on which even...
...Reported by Bernard Baumohl and William Dowell/New York, Dan Cray/Los Angeles, and John F. Dickerson and Suneel Ratan/Washington
...Things are now so bad in American labor relations that aunionisn't enough," says TIME's Bernard Baumohl. Faced with declining memberships and dwindling political clout, leaders of the major auto, steel and machinists unions today said they would merge into a a 2 million-member superunion by the year 2000. That way, Baumohl says, the United Auto Workers, the Steelworkers and the International Association of Machinists and Aerospace Workers could stage "much wider strikes in many different industries that would put much more pressure on the business sector when any of their brethren are threatened." Why now? "Virtually every...
...Reported by Bernard Baumohl and Tom Curry/New York, Irene M. Kunii/Tokyo, William McWhirter/Detroit and Adam Zagorin/Washington