Word: economists
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...market has priced in an average recession," says Ed Yardeni, a Wall Street economist. "Anything beyond that and the market will have more to fall...
...problem, says S&P's chief economist David Wyss, who looks at GDP and employment and other broad indicators of the economy, is that S&P earnings could end up about 50% lower, or $63 per share. Stocks analyst are typically more optimistic than economists, but only by a few bucks, says Howard Silverblatt, an index analyst at S&P. "Traditionally, when you get these big discrepancies, it is the economists who end up being a lot closer to reality," says Silverblatt...
...high tech was to the last, then this is no time to scale back. With investors rightly spooked, however, governments on both sides of the Atlantic need to show more leadership. "Seen in the right way, people can learn important lessons from [the crisis]," says Nicholas Stern, the British economist whose 2006 report laid out the financial merits of tackling climate change. "Low carbon growth will be a very important engine of growth over the next 20 years...
...index level of 35.6. Any reading below 50 means the city's economy is contracting. The index stood at 59 just a year ago. "Managers say business conditions are bad and will stay that way for at least the next six months," says Jonathan Basile, a Credit Suisse economist who compiles data for the survey...
...Frank Bruconi, chief economist in the New York City comptroller's office, estimates that lower Wall Street pay and payrolls will reduce the city's income tax revenue by $368 million alone. Then there's the ripple effect. Many other types of companies throughout the city, from law firms and accountants to corporate-car services and dry cleaners, rely on Wall Street companies and their employees for business. Bruconi says the general rule is that one job cut on Wall Street usually results in a reduction of a job and a half elsewhere in the N.Y.C. economy. All told, local...