Word: neill
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...fatigue. A cooling housing market slowed U.S. GDP growth to 2% in the third quarter, and even if the economy has strengthened a bit since, as many economists believe, its growth is still way below the blistering 5.6% rate of the first three months of 2006. Jim O'Neill, London-based head of global economic research for Goldman Sachs, says that even if the U.S. economy remains soft for much of the year, "we're pretty confident that the rest of the world will withstand it." So far at least, businesses ranging from Hong Kong electronics makers to German machine...
...will it be a "happy slowdown," as Goldman's O'Neill predicts, or a meltdown? You can have your own debate; in the meantime, here are some of the key issues...
...answer seems to be that the world can indeed ride out a period of U.S. weakness. "The overwhelming evidence of the past few months is that the rest of the world is doing just fine, and that some places are doing better than just fine," says Jim O'Neill, London-based head of global economic research for Goldman Sachs. Even if the U.S. economy remains soft for much of the year, O'Neill adds, "we're pretty confident that the rest of the world will withstand it." At the German Engineering Federation in Frankfurt, chief economist Ralph Wiechers concurs...
...Economic forecasting is a dismal science, and this year could well turn out to be very different from the "happy slowdown" that Goldman's O'Neill predicts. Here are some of the factors that will influence the outcome...
...power comes not from public pomp or grand acts of statesmanship, but from hundreds of small ones, usually far beneath the radar of the general public. When Americans notice who the Speaker of the House is, it's usually because they've done something wrong - unless, like Tip O'Neill, they've been in office longer than any of the Presidents they served. Newt Gingrich's notoriety was a rare exception - and his steep fall from grace a cautionary example...