Word: goldmans
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Dates: during 2000-2009
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Just how far and how fast will the economy drop this quarter? There's lately been a race to the bottom among forecasters, with the economists at Goldman Sachs leading the way. Early in the week, they put out a report saying that -3.5% annualized GDP growth was their baseline forecast for the quarter, but they also went so far as to outline a "just awful" scenario of -6.0% and a "worst case" of -7.8%. Today they updated their baseline forecast...
...That puts Goldman well ahead, for the moment at least, of even Nouriel Roubini, the New York University professor known as Dr. Doom - whose current forecast is about -4%. Lots of Wall Street economists less renowned for their gloominess have by now moved past the -3% mark. In fact, one explanation for the stock market's horrible week could be that the realization of just how bad the quarter will be is finally sinking in among investors. (See the Top 10 Dow Jones drops...
After graduating from Harvard in 1998, Silverman took a job at Goldman Sachs. There, he worked on several transactions with Stuart Sternberg, a partner 17 years his senior. Despite the age difference, the two quickly became friends, bonding over their mutual love of baseball...
...relationship,” Silverman said. “Our first conversation was more about baseball than it was about business.” Sternberg had at the time expressed interest in buying a minority stake in a baseball franchise, but nothing came of it. Soon, both men left Goldman Sachs to pursue other projects...
...government has done what it can to try to boost growth. The Hong Kong Monetary Authority has sliced its benchmark interest rate to 1.5%, from 6% a year ago. But economists still expect next year to be worse. Goldman Sachs predicts GDP will grow only 2.2% in 2009. In the meantime, Hong Kong's glum populous can at least take comfort in the efforts of one of the city's more esoteric groups. In mid-November, several members collected in Causeway Bay, a popular shopping and restaurant district, to offer people "free" hugs. More such sessions are planned in coming...