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That would be positive for the economy as a whole, in the long run, but it hurts retailers right now. Economist Otto Eckstein, the chairman of Data Resources, Inc., a Lexington, Mass., consulting firm, foresees marked Christmas-spending cutbacks among lower-and middle-income people. These are the consumers who depend most heavily on revolving credit, where interest rates sometimes reach 20% and 21% for purchase payments dragged beyond 30 days. Says Eckstein: "The more you go into blue-collar items, which are found in stores like Sears and K mart, the worse the prospects." Adds Robert Sakowitz, president...
Last month unemployment reached a new record of 1.36 million, or 5.9%, and Economics Minister Otto Lambsdorff warned that the total could reach 2 million next year. But Schmidt's main problem is rising left-wing opposition in his party to the new U.S. missiles. The Chancellor could resign if his party does not support him on the issue at its convention next April...
...Otto Friedrich. Reported by Sandra Burton/Paris
...Mitchell has had astonishing success in luring Harvard's finest. Only a handful of professors--most notably Otto Eckstein and Martin Feldstein--have refused to come to dinner. President Bok is another refusenik, but there have been college presidents in attendance. President Horner was honored at an earlier dinner, and B.U. president John R. Silber accepted an invitation to attend last week. (A last-minute conflict forced him to send his deputy instead.) Of Bok Mitchell says, "We're hoping someday he'll accept our invitation. If the president of B.U. will come to a Harvard alumni group, there...
...Otto added that the Lampoon has in the past used its profits for special projects, grants to charities, and donations toHarvard...