Word: witters
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...domestic spending to stimulate demand. "It is the old pattern in China--three steps forward and two steps back," says Joe Zhang, head of China research for HSBC Securities in Hong Kong. "At the moment we are backtracking." Says Andy Xie, chief China economist for Morgan Stanley Dean Witter in Hong Kong: "If they continue, they will end up renationalizing the economy. And that is not the way China needs...
When introducing the panelists, Cosentino described investment bankers as "finance specialists" and consultants as strategic generalists. Representing investment bankers, Harris, a principal at Morgan Stanley Dean Witter, replied to that definition...
Should that happen, the TIME board's numerical forecasts are not spectacularly gloomy. Stephen Roach, chief economist of Morgan Stanley Dean Witter, the giant investment firm, foresees the growth in gross domestic product slowing to an annual rate of 3.2% by the end of this year--vs. 3.9% for all 1997--and then to 2.5% by the end of 1999. Sinai expects 1.5% for all 1998, then...
...quick scan of Wall Street illustrates the debate. At Paine Webber, chief strategist Ed Kerschner holds the rosy view that stocks "have not been this cheap since October 1990." Chief guru Abby Cohen at Goldman Sachs similarly says, "Stocks are trading at undervalued levels." But at Morgan Stanley Dean Witter, chief strategist Barton Biggs insists that "we are either in or on the verge of a bear market." And the wily investor Larry Tisch at Loews Corp. just reconfirmed a massive options bet on lower prices...
...stock market, which fostered a sense that slower growth lies ahead. And the wealth effect could greatly worsen matters if stocks really hit the skids. "We've got a market that's doubled in the last three years," says Stephen Roach, chief economist at Morgan Stanley Dean Witter. "If you lose 10% or 20% after doubling, that's not real pain. But if you take this correction into the 25% range, the market could hurt more going down than it helped going up." That's because people often feel worse about their losses than good about their gains...