Word: bergsten
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...then, cautions C. Fred Bergsten, director of the Institute for International Economics, a Washington think tank. More bearish than Hormats, he will allow that "maybe the worst of the crisis is behind us." But Bergsten emphasizes the difficulties of significant recovery--primarily that it will require "deep changes in banking systems, very fundamental changes in corporate governance systems...
...most economists. C. Fred Bergsten, director of the Institute for International Economics, figures that export jobs pay about 15% to 20% more than nonexport jobs. He adds, "Whatever Buchanan saves for Roger Milliken [a major textile employer] in South Carolina, he loses for Boeing," which is heavily dependent on aircraft exports. "And Boeing jobs pay so much more than textile jobs that this would be a net loss...
...markets. In the second quarter of this year, the U.S. trade deficit zoomed to $17.8 billion, up from $5.9 billion in the previous quarter. "That cut the second-quarter growth rate for the country in half. That's how dependent we are on the global economy," says C. Fred Bergsten, director of the Institute for International Economics. Just as in the U.S., the outlook in Europe and Japan is for a drawn-out recovery...
...shaky, suffered another setback. Investors watched helplessly as early in the week stock prices sank and long-term interest rates turned upward, depressing investments and driving up mortgages and other borrowing costs. "Rising rates and a falling dollar -- that's the definition of a currency crisis," says C. Fred Bergsten, director of the Institute for International Economics in Washington. "What it says is that foreigners are pulling out of both U.S. currency and financial markets...
...well above the present 5.5%. Inflation would leap to a 9% to 10% annual rate, from around 4% to 4.5%. In Western Europe and Japan there might be some continued prosperity, since those economies have been rising much more rapidly than the U.S.'s. Even so, I.I.E. director Fred Bergsten predicts that "growth would slow by 2 or 3 percentage points, and inflation would rise by 3 to 4 points." Robert Hormats, a vice chairman of Goldman Sachs International, also fears a financial collapse: "If the Japanese stock market drops 4% because of concerns about...