Word: economists
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Dates: during 1980-1989
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...under construction headed for the basement. But last week the Commerce Department reported that housing starts edged up .9% in July, to an annual rate of 1.6 million units, the first monthly increase since February. "We expect some stability for the rest of the year," said Richard Peach, senior economist of the Mortgage Bankers Association, a Washington lobbying group...
...stock by small investors. The little guy, or so goes the theory, always comes into the market at the worst possible time. Small investors seem to think so too: they are pouring money into mutual funds, but the majority are not doing much direct buying. Says Alfred Johnson, chief economist of the Investment Company Institute: "Small investors don't want to go head to head with the wily institutions...
...final reason may be the bull market itself. The effect of stock prices on the broader economy is a subject of considerable dispute: the market has collapsed during business booms and skyrocketed during recessions. But some economists believe in what Allen Sinai, chief economist of Shearson Lehman Bros., calls a "positive feedback loop": a rising economy spurs stock prices, which in turn help to prompt further business growth...
Batra's thesis turns on his highly questionable contention that an inexorable cycle brings a depression every 60 years or so. To be sure, Batra is not alone in his gloomy outlook. Many other thinkers, including Economist John Kenneth Galbraith, have drawn comparisons between the perils of 1929 and today. Few of them would agree, however, with Batra's position that an uncontrollable calamity is inevitable...
Fleet Street reacted with derision. The Daily Mirror published upside-down photos of the three Law Lords who sided with the government above the caption YOU FOOLS. British editions of The Economist ran an otherwise blank page with a box explaining that a review of Spycatcher was appearing in all 170 countries where the magazine has subscribers, except one. "For our 420,000 readers there," the editors wrote, paraphrasing Mr. Bumble in Oliver Twist, "this page is blank...