Word: morgans
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Dates: during 1980-1989
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...overexposed. If lending abruptly contracts, there will be an avalanche of large-scale defaults that will inflict damage on world trade and on the political and economic stability of both borrowing and lending countries." The financial community, says Rimmer de Vries, chief international economist of New York's Morgan Guaranty Trust Co., is "in a historic period. There is a lot of worry that things could get out of hand...
...polish them. "The surface is barely scratched," says Ulric Weil, an analyst for Morgan Stanley...
...other hand, many experts believe that such fears are premature. Says Michael Evans, chief economist of McMahan, Brafman, Morgan and Co., a New York securities firm: "With the economy so weak, I think the Fed is just plain too scared to do anything except keep pushing out money for the foreseeable future. We've seen 15% money growth in the last quarter with no recovery in sight, so they'll probably keep pushing. To put it bluntly, the Fed will continue to buy up the Government's debt...
...century," said Eckstein. Added Walter Heller, an economics professor at the University of Minnesota who was chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson: "This is the deepest and most dangerous recession of the postwar period." Rimmer de Vries, chief international economist for the Morgan Guaranty Trust Co., joined the gloomy chorus: "We are sitting here in the midst of a major depression...
Worse, financial experts like Rimmer de Vries, chief international economist for Morgan Guaranty Trust Co., are worried that a further slump in prices would gravely aggravate the already large financial problems of such debt-ridden oil-exporting nations as Mexico and Nigeria. Together, the two nations have borrowed at least $90 billion from foreign lenders. A gentle price decline, as opposed to a nosedive, would not be disastrous, since lower oil prices translate into lower worldwide inflation and thus lower interest rates for debtors...