Word: economists
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Dates: during 1970-1979
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...transition. But he attacked the outgoing regime for its "moral decay." He promised to bring new blood into the government-and proceeded to do it on the spot. Sworn in immediately were three able and fairly young technocrats who will direct the country's battered economy: Harvard-educated Economist Manuel José Cabral, 41, as Finance Minister; Eduardo Fernández Pichardo, 41, former president of the American Chamber of Commerce in Santo Domingo, as head of the Central Bank; and Ramón Báez Romano, 49, a onetime Gulf & Western executive, as Industry and Commerce Secretary...
Assertive and gregarious, Economist Kahn, a former Cornell University Professor, thrives on controversy. In an interview with TIME Washington Correspondent Jerry Hannifin, he argued that the airlines are excessively panicked by the prospect of being exposed to the full force of a competitive marketplace. "What I suspect is that there is a search for another security blanket now that the CAB security blanket is being removed," he says. Rather than harming the airlines, Kahn contends, deregulation will help many of them prosper. "We are making every carrier in this country a potential competitor of the other carriers by saying...
...everything from cars to clothespins, the American consumer lifted the economy out of a ditch in 1975 and has kept it chugging along ever since. The U.S. shopper still seems insatiable, but now the experts are becoming worried about him (and, of course, her). Says a top Washington economist: "The golden question mark for the economy is, what is buried in the consumer's mind?" Echoes Daniel Brill, the Treasury's chief economist: "I'm very concerned right now about what is going through the consumer's head, as well as what is coming out of his pocket...
...Economists worry about the aftereffects of hedge buying. People may be spending too much of their income now, and their straitened budgets may force them to buy less later on. Consumers have been plunging dangerously into debt; installment credit swelled at record rates in two of the past four months. "The consumer is going to choke on that debt at some point," warns one Government economist. "I don't know where it's going to happen, but there is increasing concern that the debt burden will become too heavy." Mortgage and auto loan rates have climbed to double digits...
...member of President Carter's Council of Economic Advisers, says: "I still think we'll see a strong third quarter, but inflation is the key to future consumer action. If inflation shows signs of tapering, as we are expecting, then consumer purchases should stay up." Adds a prominent Government economist: "We won't really know what is happening until Christmas. My real fear is that the consumer just can't handle 7% to 8% inflation...