Word: economists
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Dates: during 1970-1979
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Forty-one years of control over Nicaragua have netted for the Somoza family one of the largest single fortunes in the world. Conservative estimates place the family's assets between $400 and $600 million. According to the London Economist, General Somoza owns at least one-fifth of the arable land in Nicaragua and runs more than 40 companies. Very few commercial transactions take place in Nicaragua that do not, directly or indirectly, involve one of the Somozas. U.S. corporations have long learned to pay their dues; the Harvard Business School's Nicaraguan branch recently presented the dictator with an honorary...
...Sadat immediately offered Fahmy's job to Egypt's second-ranking diplomat, Minister of State for Foreign Affairs Mohamed Riad. But he resigned also, in what began to resemble an Egyptian Saturday Night Massacre. Sadat then named Butros Ghali, a member of Egypt's Coptic Christian minority and an economist with little foreign affairs experience, as Acting Foreign Minister. Presumably Sadat will have to name an experienced diplomat to the post. Two plausible candidates: Ambassador to Washington Ashraf Ghorbal and Esmat Abdel Meguid, Egyptian Ambassador...
...rights and women's organizations as well as Big Labor, all of which expect it to pass next year. For all its blandness, however, the measure is likely to run into stiff opposition from the increasingly powerful congressional business lobby. The U.S. Chamber of Commerce's chief economist, Jack Carlson, has already asserted that the 4% goal could not be reached without boosting inflation to an annual rate of 10% or more...
...deepening lack of confidence in Jimmy Carter's management of the economy. Says Du Pont Chairman Irving Shapiro: "I still think he is a man of great ability. But he let himself get diverted by political slogans rather than sticking to his knitting." Adds James M. Howell, chief economist for the First National Bank of Boston: "Businessmen thrive on certainty. The President has bitten off half a dozen big projects, and all of them generate a tremendous amount of uncertainty...
This perception is shared by many businessmen and economists. General Motors Chairman Thomas Aquinas Murphy regards the economy as "in the midst of a balanced expansion." Both Murphy and Chrysler Chairman John Riccardo, in fact, predict that the 1978 model year (running from October 1977 to September 1978) will bring record sales of more than 15 million cars and trucks. (The previous high, set in 1973, was 14 million.) Irwin Kellner, economist at New York's Manufacturers Hanover Bank, agrees that the economy is "in fine shape." Adds Economist Herbert Neil of Chicago's Harris Trust: "A solid...