Word: chhibber
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...recovery is in progress. Americans are starting to save more, and they may not return to their free-spending ways for years. "There is good reason to believe the capitulation of the American consumer has only just begun," said economist Stephen Roach, chairman of Morgan Stanley Asia. Ajay Chhibber, director of the Asia bureau at the United Nations Development Program in New York City, says the tigers can't expect to weather this recession by temporarily increasing government spending to boost growth until Western export markets recover. "The model where you stimulate and [then] go back to the old days...
...bubble norm of 67%. Using that as a gauge, Roach says that only 20% of the potential retrenchment of spending has taken place, even after the dramatic decline at the end of 2008. "The imbalance that contributed to the crisis - overconsumption and excessive savings - cannot continue," says Ajay Chhibber, director of the Asia bureau at the United Nations Development Program in New York City. "The model where you stimulate and [then] go back to the old days is gone...
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