Word: economisters
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Joblessness was at its lowest level in 30 years. Prices were in check. Productivity had surged to levels not seen since the 1960s. Early last year the economy was on a luxury cruise ordering umbrella drinks. Conditions seemed so perfect that a new, more cocky breed of economist was arguing that the New Economy had changed history. Recession? A relic. Despite falling stock prices, this optimism continued into autumn, with one prestigious group of business economists predicting "solid growth ahead with no end to the expansion...
...entered a hard landing sometime last summer," says Allen Sinai, chief global economist for Decision Economics. "And we are in at least a hard landing now. The odds are pretty high that we could end up in a full-fledged recession." Sinai sounded the alarm early last year, but most forecasters were blindsided by the speed with which the economy deteriorated. And they took us down with them...
...going to see the economy slow in the middle of the year, but then I think we're going to see a big reacceleration in the second half [of 2000], and we're going to end the year very strongly, just as we ended 1999." --Gail Fosler, chief economist, The Conference Board (on CNNFN's Moneyline...
...Federal Reserve would have to clamp down on interest rates aggressively to stop this expansion, and that is very unlikely." --Economist Maria Ramirez, president of MFR Inc. (Wall Street Journal...
...Given that we got through the Asian crisis hardly breaking stride, I think $30 oil isn't really a problem." --Joe Kennedy, economist, the Manufacturers' Alliance (FORTUNE, March...