Word: kellner
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Dates: during 1980-1989
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Like a freezing man who tries to heat his house by feeding the walls and roof to the fireplace, Government borrowing now threatens to devour virtually every penny that Americans had been expected to save and invest under Reaganomics. Bank Economist Irwin Kellner of New York's Manufacturers Hanover Trust calculates that federal loans could consume no less than 92.1% of net national saving this year. Worse, Kellner predicts that in 1983 Government borrowing might take fully 113% of the year's net saving, siphoning money out of virtually every sector of the economy to help keep...
Such a photographic blackout is rare in this highly visual age. In response, the photo editor declares a kind of all-out war of his own. In New York, TIME Picture Editor Arnold Drapkin and Picture Researchers Peter Kellner and Robert Stevens assigned photographers to wherever they suspected a picture might conceivably develop. In England, Picture Researcher Brenda Draper posted photographers to the Prime Minister's residence at 10 Downing Street, the Ministry of Defense, and places like the naval shipyards in Portsmouth and Plymouth. From Buenos Aires, Picture Researcher Nina Lindley positioned photographers in key locations throughout Argentina...
...fact, however, the economy is nowhere nearly so healthy as such statistics suggest. Observes Irwin Kellner, chief economist for New York's Manufacturers Hanover Trust, in a grimly appropriate metaphor: "Even someone who falls off a 15-story building bounces a little bit when he hits the sidewalk...
...money-market certificates, which carried Golcondan interest payoffs of 15.7% only six weeks ago, were offering a mere 9.5%. Even mortgage rates took a tumble. California's Home Savings & Loan, the nation's largest thrift institution, dropped its home lending rate from 17.5% to 12.75%. Said Irwin Kellner, chief economist at New York's Manufacturers Hanover Trust: "Rates are following a financial version of Newton's law that for every action there is an opposite and equal reaction...