Word: economisters
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...billion in the first half of that year. This year financial firms are deeply in the red. They lost more than $15 billion in the first half of the year alone, and that was before the market's big plunge in the past few months. Says Frank Bruconi, chief economist in the New York City comptroller's office: "Had the federal government not stepped in with a bailout plan and other moves, the pay and the employment situation on Wall Street would be much worse...
...Economist David Levy, chairman of the Jerome Levy Forecasting Center, says economic downturns up to and including the one in 1982 have largely revolved around temporary shocks to the economy such as high oil prices, backed-up inventories, lofty interest rates and other problems responsive to sharp correctives - after which unemployment rates eased in step with other recovery indicators. More recent recoveries from economic downturns, however, have tended to go forward without major gains in employment, a reflection of the fact that the underlying economic problems of modern recessions have been more complex and therefore more difficult to solve. Levy...
...Officially, that closes the book on the matter, which arose from a brief relationship that Strauss-Kahn initiated in January with the IMF's then-head of its Africa department, Hungarian economist Piroska Nagy. Now the question is whether the former French Finance Minister and Socialist Party presidential hopeful can move past the considerable distraction the scandal has caused, and turn to the rising chorus of voices calling to make the IMF central to the world's effort to face the surging financial and economic crisis...
...system. Sarkozy has gone so far as to call for the "moralization of finance markets" and "re-foundation of capitalism". Though the most rabid adepts of laissez-faire systems like the U.S. are expected to rebuff such efforts to impose international strictures, Strauss-Kahn's profile as a respected economist and market-friendly leftist leaves him in a rare spot: The head of an international agency about to extend its powers that political and business leaders on both sides of the Atlantic and Asia feel they can deal with...
...Marc Touati, an economist and executive manager of Paris research and strategy group Global Equities, says that the "markets are pushing things in the search of a bottom - a point of impact from which rebound and recovery begins." "In one sense, it can be considered a catharsis," agrees Daley. "I just hope the panic doesn't cause irreparable damage to some firms and countries...