Word: economists
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...that "an insecure bank faced with what it sees as insecure borrowers is not a very eager lender. It's a problem of lack of good borrowers, confident borrowers, as well as weak banks and worried bankers." Testifying before the House Committee on Financial Services, James K. Galbraith, an economist at the University of Texas at Austin, was more blunt about the government's capital infusions: "Stuffing the banks with money will not change their behavior...
...Last year, the omnipresent economist, Nouriel Roubini, told Barron's that 1,400 banks would fail during the current economic crisis. Investment bank RBC Capital puts the figure at 1,000. Since there is no way to know how large the deposits at any of these institutions are, the amount of exposure the FDIC faces is impossible to forecast. But, it will be more than the $22 billion prediction. If 500 banks fail, which are fewer than those that failed in the S&L crisis, the figure is probably ten times that...
...Finally, the GDP number reflects the pitiful condition of the U.S. economy at the end of last year and the historical dimension of the current recession," wrote Harm Bandholz, U.S. economist at Unicredit Research, in a note to clients. (See TIME's "25 People to Blame for the Financial Collapse...
...children of working parents and homes for the elderly, that would relieve some of the financial burdens on working-class families and encourage them to spend rather than save. "What tended to be taken care of in the household could become more marketized," says Lim Won Hyuk, an economist at the Korea Development Institute in Seoul. "There is a lot of room for job creation...
...tigers really want to thrive in the future, the answer might lie in rejecting another legacy of Park Chung Hee: the idea that governments alone can successfully engineer high economic performance. Jim Walker, an economist at independent research firm Asianomics in Hong Kong, argues that politicians still intervene too much in their economies instead of allowing market forces to work. "What governments need to do is start trusting their own people rather than hoping the West is going to get it right all of the time," Walker says. For the tigers to keep roaring, they may need to find their...