Word: morgan
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...TIME board consists of former Fed vice chairman Alan Blinder, now at Princeton University; former Reagan adviser Martin Feldstein, now at Harvard University; Stephen Roach from Morgan Stanley; Allen Sinai from Primark Decision Economics; Edward Yardeni from Deutsche Morgan Grenfell; and J. Antonio Villamil from Washington Economics Group. An influential lot, for sure. Yet they can't measure whether computers are making people more productive. They can't agree on whether Americans are better or worse off than a few years ago. They don't know if the economy can grow faster and unemployment recede further without whipping up inflation...
...economists by the National Association of Business Economists reported that 84 percent expect an increase -- analysts are split on just how much gross domestic product can safely grow without overheating. TIME's Board of Economists were divided when they met last week with the magazine's editors; Morgan Stanley's Stephen Roach put the figure at 2 to 2.5 percent annually, while Edward Yardeni of Deutsche Morgan Grenfell thinks growth can exceed 4 percent...
...Mark Twain sardonically, "dishonestly if we can, honestly if we must." From this culture of greed arose the primal names of American business: Rockefeller (oil), Carnegie and Frick (steel), Vanderbilt (railroads), the Goulds, Astors, Fisks and, towering over them all, the magister ludi of saber-toothed capitalism, J. Pierpont Morgan. After 1870, America lost all its Puritan inhibitions about the gratuitous display of surplus wealth...
...this tranquillity is owing to the Federal Reserve's strategy of tightening credit in the middle of the decade before prices could turn up. "Inflation is the lowest in 30 years, even though we are in the seventh year of an expansion," says Ed Yardeni, chief economist for Deutsche Morgan Grenfell. "This is extraordinary...
...disappointed that they disagreed with our politics, just that they disapproved of our actions," Morgan said...