Word: chasing
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Dates: during 1970-1979
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Last week Chase Manhattan Chairman David Rockefeller warned that OPEC's wealth is rising so high that bankers may no longer be able to reinvest it, and he urged that international governmental agencies try to cope with the flood...
Typically, Evans is now the most vocal of a small (but not modest) band of experts who assert that the U.S. is already in recession. That conflicts with the views of most other economists, who expect the slump to start this summer. In one of his last reports for Chase Econometrics, a computerized forecasting service that he is leaving in September, Evans notes that housing starts, retail sales, personal income and especially new durable goods orders have either slowed or fallen sharply. His conclusion: "You can't have an 8½% drop in new orders in one month...
...related equations are fed into a computer to determine what would happen if, say, a 45-day auto strike occurred this fall. In 1963 Evans joined Professor Lawrence Klein at the Wharton School. But Evans broke with him after half a dozen years and later struck a deal with Chase Manhattan Bank to create Chase Econometrics. Forecasting by econometrics became immensely popular with corporate and Government clients, and today is a $100 million-a-year business...
...field is dominated by three firms, each with its own style. Wharton Econometric Forecasting Associates, under the scholarly Klein, is austere and academic. Data Resources, headed by Harvard's Otto Eckstein, is cerebral and expanding. Under Evans, Chase Econometrics has been outspoken and controversial. Even Chase was not immune to his barbs. When the bank was having trouble in 1975, Evans said: "I have no Chase stock, but if I did, I'd sell...
...capital gains tax were reduced from 49% to 25%. That far-out conclusion only bolstered critics, who charge that Evans sometimes cooks the books to come up with results favorable to his clients. Then Evans called Federal Reserve Board Chairman William Miller "a tool of the Administration." Chase decided that it had had enough and early this year agreed to buy Evans...