Word: economisters
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Teresa Ghilarducci has always had more interesting - and controversial - things to say than your average retirement-policy wonk. An economist who moved this year from the University of Notre Dame to the New School for Social Research in New York City, she has railed for years against the decline of the traditional pension. She recently wrote a book subtitled The Plot Against Pensions and the Plan to Save Them; the less contentious main title is When I'm Sixty-Four...
...lifeline, even though they probably should do it for the good of the economy. An out-of-business GM (or even a bankrupt, reorganized one) is more than just a dead factory here and there. "There are real risks of cascading bankruptcy and then supply-side seizures," Columbia economist Jeffrey Sachs warned Congress, meaning that the ability of all car companies simply to make cars would be in jeopardy. The negative feedback in the supply chain would hurt partsmakers and dealers and even extend to retailers, restaurants and banks. But others argue that bankruptcy is exactly what GM needs, despite...
...other major commodities falling, Trichet predicts a sharp drop in the inflation rate to between 1.1% and 1.7% next year from 3.2% to 3.4% this year. "This is a very significant rejection of everything that they've said before," said Jörg Krämer, chief economist at Commerzbank. "There will be a further interest rate cut in January. The main refinancing rate will be below 2% by spring...
...Three's claims that they would not have to come back for more money soon was met with great skepticism from both the lawmakers and an economist testifying side by side with the CEOs, Mark Zandi of Moody's Economy.com. Given declining vehicle sales and market share and the amount of profit they make per car - about $4,000 less than Toyota, for example - Zandi said he expects the Big Three would survive only until fall 2009 before they would be forced to return to Washington to beg for more money. "I'm skeptical, doubtful that it's going...
...right? I'd go with the locally based economists. While the U.S. fiscal package is unlikely to add even 1 percentage point to American growth, a recent report by Merrill Lynch estimates that the $600 billion stimulus Beijing unveiled in mid-November will likely add 3 percentage points. (And that was before China's provinces unveiled their own $1.4 trillion bailout plan, which depends on a massive infrastructure-building spree to boost the economy.) Such growth would be unachievable in other economies. But China remains a special mixture of raging capitalism resting on a foundation of state domination. "People...