Word: economists
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Dates: during 1980-1989
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...discount rate, which it levies on loans made to member banks, from 9% to 8.5%. It was an unmistakable signal for banks to lower the interest rates they charge customers. Even some of Volcker's harshest critics are now optimistic, if not entirely satisfied. Says Richard Rahn, chief economist for the U.S. Chamber of Commerce: "The Fed has reacted late and it has probably not gone far enough, but I think we can avoid a recession. The economy should rebound." Administration officials share that view. Says Manuel Johnson, the Assistant Treasury Secretary for Economic Policy: "There's time...
...three months ending in October, but said that sales picked up in the first days after Thanksgiving, the traditional start of the all important Christmas shopping season. Several other retail chains, including Dayton-Hudson and K mart, are also reporting brisk holiday business. Concludes Robert Ortner, chief economist of the Commerce Department: "The odds still favor a very good Christmas." He thinks the drop in interest rates will bolster consumer confidence...
Many forecasters expect the Federal Reserve to let interest rates fall further to make absolutely sure that a recession is averted. James Smith, chief economist of Union Carbide, says that the prime rate will probably be down to 10.5% by the end of the year. That should be enough, he predicts, to spur G.N.P. growth into the 4%-to-5% range for the first half...
Others, though, say that this position is, well, Hippo-critical. They point out that doctors, as some of the best-paid professionals in America, can hardly contend that they have not profited from medicine. Princeton Economist Uwe Reinhardt, who is participating in a study of for-profit health care, says that so far he has not seen much difference between the behavior of commercial and nonprofit hospitals. Says he: "Hiring big names is good business and good academics. It's one way to achieve a certain luster. DeVries and the artificial heart give Humana legitimacy in the medical world...
...pull out because their stakes are small. The bigger banks, by contrast, are in so deep that they have no choice but to keep on lending. If they were to demand repayment, the economies of Latin America would deteriorate and defaults might result. Rimmer de Vries, chief international economist at Morgan Guaranty, projects that U.S. bank loans to developing countries will rise by about 5% annually during the next few years...