Word: economists
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...sales to rise 2.5% on average in 2010, reversing the 2.5% decline seen in 2009. "As we continue to see signs of improvement throughout the U.S. economy in 2010, overall sentiment will begin to lift, making way for slight increases in consumer spending," said Rosalind Wells, NRF's chief economist. Although shoppers will continue to be "frugal," - yes, even she expects it - retailers will benefit from leaner, smarter inventories and a year and a half of pent-up consumer demand, Wells says. Retailers should also reap the benefits of low inflation and a slowly improving housing market, she says...
...spotlight in Washington. The House Committee on Financial Services held a hearing on executive compensation. Harvard professor Lucian Bebchuk, who recently consulted pay czar Kenneth Feinberg in setting compensation limits at bailed-out firms, said Congress should regulate and "place limits" on Wall Street pay. Nobel Prize-winning economist Joseph Stiglitz told the panel that bank pay incentivized traders and other employees to take the excessive risks that contributed to the financial crisis. And corporate-governance expert Nell Minow asserted that Wall Street firms had done little to change the pay practices that she believes were a "symptom and cause...
...Although other experts largely agree that governments - and ultimately taxpayers - will end up footing a hefty bill for all the stimulus money, some don't believe this will necessarily mean that Europe's modest growth rates are doomed to slip back into the red. Eric Heyer, an economist at the French Economic Observatory in Paris, says the official forecasts of continued modest growth are feasible - although that doesn't mean an immediate recovery for many nations. Even if European economies can nurture gradual expansion, he says, most will still see unemployment continue to rise through 2010 and into next year...
Stiglitz, a former World Bank Chief Economist who is known for his critical views of modern globalization, lambasted “market fundamentalists” for their devout adherence to capitalism, which resulted in loosened regulations and increased risk-taking...
Issues such as retirement, social security, and health care premiums have been eclipsed by economic jargon spewed out from economists who are reputed to say things that are 100 percent accurate but 100 percent irrelevant. Ask an economist for his address and you will receive his latitudinal and longitudinal coordinates, which are perfectly correct but useless to those without a compass or navigation system...