Word: kemper
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Dates: during 1990-1999
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Russia also became the trigger for another concern, at once political and economic: "We were suddenly threatened by an old fear--the Soviet Union and militarism," says John Silvia, chief economist at Scudder Kemper Investments. "If the world is not as peaceful as we expected, then a lot of money in the U.S. that went into consumer spending and capital investment may now have to go back to defense, and that's going to shock the budget here...
...some prices jumped as much as 10% to 30% in a week. If the government responds to social pressures by printing new money, the result would be an acceleration into hyperinflation. "Things are going to get worse before they get better," says Robert Froehlich, chief investment strategist at Scudder Kemper Investments. "When you have a devaluation, the next thing that happens is the economy slows down [further], and then the final thing is that you tend to have social unrest. So it's sort of a roadmap." And while all this may mean a mediocre year for Druckenmiller and friends...
Barring another, more serious meltdown, analysts consider it unlikely that the tumult in Asia will trigger a major market correction in the U.S. But that doesn't mean it won't have a lasting impact. David Hale of Zurich Kemper Investments predicts a surge of up to 25% in Asian imports made cheap by devaluation and a contraction in U.S. exports of as much as 15%. The result could be that the U.S. trade deficit, now $191 billion, would balloon to as much $300 billion next year and fan a protectionist outcry...
...there's mediocre news in the job market, Wall Street cheers. This morning's unemployment figures from the Labor Department drove the bond market up and made investors ever more exuberant. "Just when we thought it couldn't get any better, by God it did," gushed Robert Froehlich of Kemper Funds. Why the excitement? The jobless rate stayed steady at 4.9 percent, when most analysts had been forecasting a fall. No new jobs, of course, means less wage inflation, and a nicely tepid economy for all. Money Daily has the details...
...University of Texas, Leonard won both the 1992 U.S. Amateur and the 1994 NCAA championship. Last year he earned nearly $1 million, drove away with the Buick Open and found himself in Cosmopolitan as one of the magazine's most eligible bachelors. Even though Leonard won the Kemper Open in June, he was still on the fringe of the Ryder Cup team. The week of the British Open he had dinner with Kite, a fellow Longhorn alum, and Kite told him, "Why don't you just go ahead and take care of your Ryder Cup spot this week?" Just...