Word: economists
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Dates: during 1990-1999
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...chief economist of Deutsche Bank, a German investment bank, has said the Dow will bottom out around 6500, while Abby Cohen, a prominent analyst for Goldman Sachs, is predicting a return to the 9300 plateau by the end of the year...
...investor George Soros lost $2 billion in Russia, John Meriwether's Long-Term Capital Management announced that it had lost $2.1 billion, or half its asset value, so far this year. "Russia and Asia became the trigger for the correction in the U.S. stock market," says David Wyss, chief economist at DRI/McGraw-Hill, a consulting firm. "Although there had already been a softening in earnings over the past few quarters, traders needed to be hit with a two-by-four to make them realize you just can't get double-digit increases in earnings every year...
Russia also became the trigger for another concern, at once political and economic: "We were suddenly threatened by an old fear--the Soviet Union and militarism," says John Silvia, chief economist at Scudder Kemper Investments. "If the world is not as peaceful as we expected, then a lot of money in the U.S. that went into consumer spending and capital investment may now have to go back to defense, and that's going to shock the budget here...
...Several economists see the current market as an untraditional bear market or, as Harvinder Kalirai, an economist at the consulting group I.D.E.A., sees it, what's happening on Wall Street is "a cyclical bear in a secular bull market. This is a cyclical fluctuation." The longer-term or secular trend in the market, though, "is still higher...
...words may have come from a Boston economist, but the inspiration clearly came from the country Mahathir touts as the East's answer to U.S. world dominance: China. Ironically, it has been China that has been the West's great consolation in this crisis: By refusing to devalue the yuan, even as slowing growth threatens to derail her own emergence as a first-world economy and nation, China has kept a bad situation from getting much worse. Strict currency controls -- its invisible Great Wall against the briefcase-wielding Western barbarians -- have allowed China this bravery...