Word: economists
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Dates: during 1990-1999
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...registered with American investors if not for the fact that stock prices in the U.S. are so high that they have become hypersensitive to any and all adverse news. "It doesn't take much to derail a market that has gone to the moon," says Stephen Roach, chief global economist for Morgan Stanley Dean Witter...
...view makes the decline easy to swallow and lends credibility to the wisdom of staying happy and staying in stocks or, as the little guy did Tuesday, buying even more. "There is no reason to think the U.S. stock market is going to go into a bear market," says economist Allen Sinai at Primark Decision Economics. "The U.S. economy is not going to be knocked down by the crisis in Asia...
...Reuss, economist at Piper Capital Management, based in Minneapolis, Minn., believes a recession could occur in the U.S. early next year. He pins his forecast on the debt-burdened consumer. Reuss estimates that half the households with less than $50,000 in annual income have non-mortgage debt equal to 24% of their take-home pay. "That is an all-time high," he notes, adding that the stress is apparent in rising bankruptcies and the recession-like 5% annual growth in consumer credit. A more normal credit growth rate is 10% to 15%. Now tack on uncertainties from a tumultuous...
...cause its consumers and companies to buy less from America. Second, sales by U.S. firms in Asia won't add as much to their bottom line because Far Eastern currencies are worth 20% to 40% less than they were just a few months ago. Warns Sung Won Sohn, chief economist at Norwest Corp., a large bank based in Minneapolis, Minn.: "The collapse of Hong Kong and other Asian economies is spreading like an oil slick that will continue to wash up on America's shores...
Greg Woodhead, an economist in the Department of Public Policy at the CIO, says China is nowhere near meeting the standards of a WTO member nation...