Word: economisters
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...Obviously, I do not want to be involved with Shakespeare, Elizabeth, Napoleon or, for that matter, Darwin," the economist said. "The range is just too broad...
...what does he want? One of Forbes' cheerleaders, the supply-side economist Jude Wanniski, admits that in the end, "sometimes the best thing that could happen might just be that someone else steals your message." In the meantime, "he's having the time of his life," says writer Peggy Noonan, a friend who also helped polish Forbes' announcement speech. But his 18-hour days on the campaign trail are anything but a holiday. At a Burger King in Iowa City recently (Forbes is keen on the French fries), he was approached by a woman holding a baby...
...alone. And the impact of such born-again frugality will be harsh. It threatens to turn the Christmas shopping season that starts this week into a "pretty crummy" one, says Ed Yardeni, the chief economist for the C.J. Lawrence securities firm. Consumers are buckling beneath nearly $1 trillion in installment loans--almost twice the level of a decade ago. The average household carries $3,900 in credit-card debt alone. "Consumers are tapped out," says Peter Caruso, who follows retailing for Merrill Lynch. "There is no spending power left." Indeed, the government reported last week that retail sales dipped...
...that hard-pressed retailers across the country are already slashing prices to bring people into their stores. "Consumers tell us that 50% off is what it will take to motivate them," says C. Britt Beemer, chairman of America's Research Group, which studies consumer behavior. Predicts Carl Steidtmann, chief economist for Management Horizons, the retail-consulting arm of Price Waterhouse: "This will be the most promotional Christmas in a decade. Most stores are in far worse financial shape than their customers...
...filings by such regional discounters as Caldor, Bradlee's, Jamesway and Edison Bros. Stores, whose core clientele are overleveraged households earning $30,000 to $50,000 a year. "This group is under extreme pressure, and the retailers who cater to it are in a recession," says Mark Zandi, chief economist for Regional Financial Associates, a Pennsylvania consulting firm...