Word: economists
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Dates: during 1980-1989
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...chief of staff than he is a Treasury Secretary, removing him would create a furor that neither the White House nor the financial markets need. "It's not people they have to get rid of," says former Commerce Secretary Peter Peterson, "but phobias and attitudes." Says Jerry Jasinowski, chief economist of the National Association of Manufacturers: "It would be a serious error to undermine Baker and Alan Greenspan...
...memories of Black Monday drifted away. When congressional and Administration leaders opened their second week of emergency budget-cutting meetings last week, their post-crash burst of bipartisan magnanimity was on the wane. "The worst thing for the summit is stock-market stability. It takes the pressure off," says Economist Schultze...
...West Germans are reluctant to push their economic growth, which is expected to be only 2% next year, because of a deeply ingrained memory of the hyperinflation the country experienced in the 1920s. Says West German Economist Dieter Mertens: "Inflation is regarded by most Germans as on a par with Communist domination and morally equivalent to the work of the devil." Even a rate of 3% or 4% is unacceptably high to Finance Minister Stoltenberg, whose resistance to foreign prodding has earned him the nickname "Ice Prince" among U.S. economic officials. The 59-year-old, white-haired Stoltenberg...
...ultimate impact of a continued devaluation will be a slowdown in the growth of American living standards, or an absolute reduction. But that may be the price of having run huge trade deficits year after year. Says Stephen Marris, an economist with the Institute for International Economics in Washington: "We are in a mess. There is no easy...
...have become cheaper. With greater price stability, Japan and Germany face less pressure for wage increases. Despite the strong mark, Germany has become the world's leading exporter. Japan is openly contemptuous of the notion that the U.S. can solve its problems through devaluation. Says Johsen Takahashi, chief economist of the Mitsubishi Research Institute: "Letting the dollar slip now is like spitting up into the sky." Another Japanese economist is equally blunt: "America is no longer in control of its own currency...