Archive for the ‘economists’ Category

Iran Economists Slam Ahmadinejad For “Policy of Tension” With World

November 8, 2008

Iran‘s confrontational attitude toward the rest of the world is costing the country dearly in lost trade and investment, according to a letter signed by 60 economists published on Saturday.

The open letter, the latest broadside against President Mahmoud Ahmadinejad and published by the semi-official Ilna news agency, denounced the “heavy price paid by the country over the negative consequences of government policy.”

  

Iran's President Mahmoud Ahmadinejad speaks with journalists ...
Iran’s President Mahmoud Ahmadinejad speaks with journalists after meeting with his cabinet in Tehran January 23, 2008.REUTERS/FARS NEWS/Files

In particular, it spoke of the “misguided trade policy and the policy of tension with the rest of the world, which has deprived Iran of opportunities for trade and foreign investment.”

by Siavosh Ghazi, AFP
.
It said the sanctions imposed by the UN Security Council over Iran’s refusal to halt uranium enrichment had added billions of dollars in extra costs to the country’s foreign trade.

The letter, signed by economists from major universities around the country, criticises what it calls “extremist idealism,” an “undue haste in acting” and the “absence of cost assessment on economic programmes.”

The economists also warn that the current global economic crisis “will impose heavy costs on the country,” while also pointing out that government finances will be severely hurt by the precipitous recent drop in oil prices.

Crude oil income accounts for 80 percent of foreign earnings…

Read the rest:
http://news.yahoo.com/s/afp/200811
08/wl_mideast_afp/iranpolitics
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Rehab for recovery: ask an economist

October 28, 2008

By Robert
The Washington Times

COMMENTARY:

Back in early 1981, when I went to Washington to work for President Reagan, one of the architects of supply-side economics, Columbia University’s Robert Mundell,  visited my Office of Management and Budget OMB office inside the White House complex. At the time, we suffered from double-digit inflation, sky-high interest rates, a long economic downturn and a near 15-year bear market in stocks.

So I asked Professor Mundell, who later won a Nobel Prize in economics, whether Reagan’s supply-side tax cuts would be sufficient to cure the economy. The professor answered that during periods of crisis, sometimes you have to be a supply-sider (tax rates), sometimes a monetarist (Fed money supply) and sometimes a Keynesian (federal deficits).

I’ve never forgotten that advice. Mr. Mundell was saying: Choose the best policies as put forth by the great economic philosophers without being too rigid.

Of course, John Maynard Keynes was a deficit spender during the Depression. Milton Friedman warned of printing too much or too little money. And Mr. Mundell, along with Art Laffer, Jack Kemp and others….

Read the rest:
http://www.washingtontimes.com/news/
2008/oct/28/rehab-for-recovery/

Playing Frisbee on a Precipice: Seriousness of American Politicans in Doubt During Economic Crisis

October 10, 2008

By Peggy Noonan
The Wall Street Journal

There are 3½ weeks to go. Life, and political campaigns, can turn on a dime. But I think it just turned on a lot of dimes.

There was an October surprise, and it has all but certainly decided the race. On the left, a smug triumphalism is setting in. On the right, anger rises: the finger pointing is about to begin. In parts and pockets of the middle, we have Americans who aren’t thinking about politics because they’re busy trying to imagine what a modern depression would look like and wondering, for the first time ever, if it is possible that they may wind up living in their cars.

Read the rest:
http://online.wsj.com/article/SB122359863551021415.html

Economists Expect Crisis to Deepen

October 10, 2008

By Phil Izzo
The Wall Street Journal

The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey.

“We’re in the middle of a very dark tunnel,” said Brian Fabbri of BNP Paribas, referring to the worsening credit crunch. “Each day we see another crack in the system.”

Those cracks are quickly adding up. On average, the 52 economists surveyed now expect U.S. gross domestic product to contract in the third and fourth quarters of this year, as well as the first quarter of 2009.

This is the first time that survey forecasts for those periods have turned negative. If those predictions bear out, it would mark the first time U.S. GDP — the total value of goods and services produced — has contracted for three consecutive quarters in more than a half century. Economists put the odds of recession in the next 12 months at 89%, up from 60% in last month’s survey.

It is a challenging scenario for the next president, as the election moves into the homestretch. Either Sen. John McCain or Sen. Barack Obama likely will face an economy in the midst of recession on Inauguration Day, even if the credit crisis begins to ease. The new administration will have to get up to speed quickly, taking over the largest government intervention since the Great Depression.

Read the rest:
http://online.wsj.com/article/SB122349368554816267.html

Economy: Another Fed Rate Cut Anticipated Tuesday

March 15, 2008
By JEANNINE AVERSA, AP Economics Writer

WASHINGTON – Desperate to aid an economy in crisis, the Federal Reserve is ready to deliver yet another big interest rate cut.
Federal Reserve Chairman Ben Bernanke testifies before the House ... 
Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee about the latest measures to heal the U.S. economy, on Capitol Hill in Washington in this file photo from Wednesday, Feb. 27, 2008. Desperate to provide relief, the Federal Reserve is ready to deliver another big rate cut. Just how deep of a cut is something Bernanke and his central bank colleagues will be weighing when they meet Tuesday, March 18. Some economists are predicting a half-point reduction, while investors and others are hoping for a more hefty, three-quarters cut. (AP Photo/J. Scott Applewhite)

How big? One-half of a percentage point, some economists say. Investors and others hope for even more, a three-quarters cut or perhaps a full point, given the turmoil on Wall Street. It will be a close call, Fed watchers say.

The speculation ends Tuesday afternoon after Fed Chairman Ben Bernanke and central bank policymakers have met.

Whatever the decision, for a growing number of analysts, one more rate reduction will not be the lifeline that pulls the country back from the brink of the first recession since 2001.

Experts in this camp believe the economy is shrinking now because of the fallout from the housing and credit debacles. Businesses are shedding jobs, Wall Street is convulsing, energy prices are skyrocketing and people are reluctant to spend. Yet these economists say lower interest rates should help cushion the blows of a recession.

Read the rest:
http://news.yahoo.com/s/ap/20080315/ap_on_bi_ge/
fed_interest_rates;_ylt=Avidq9
KXIUTxW2MR2WMiIL.s0NUE

For Japan, a Long, Slow Economic Slide

February 3, 2008

By Blaine Harden
Washington Post Foreign Service
Sunday, February 3, 2008; Page A17

TOKYO — As the United States frets noisily about a recession, Japan is quietly enduring a far more fundamental economic slide, one that seems irreversible.

This country, which got rich quick in a postwar miracle of manufacturing and alarmed Americans by buying up baubles such as Rockefeller Center, is steadily slipping backward as a major economic force.

Fifteen years ago, Japan ranked fourth among the world’s countries in gross domestic product per capita. It now ranks 20th.

Read the rest:
 http://www.washingtonpost.com/wp-dyn/content/article/2008/02/02/AR2008020200913.html?hpid=topnews

China falls for Christmas — at least in its stores

December 23, 2007
By Simon Rabinovitch

BEIJING (Reuters) – China‘s shopping malls in late December leave little doubt that the country has been smitten by Christmas, if not in quite the way devout Christians might hope.

Christmas has secured a spot on the Chinese calendar as a cherished excuse to buy, buy, buy. And while Christianity is indeed spreading in the officially atheist country, many shoppers have only a faint idea of the holiday’s religious connection.

But their manner of celebration is sure to win the blessing of at least one group: economists.

Read the rest:
http://news.yahoo.com/s/nm/20071223/lf_nm/china_christmas_shopping_dc_2

Despite outcry, many Americans can’t live without China goods

July 22, 2007

by Rob Lever

WASHINGTON (AFP) – Even as protests grow about US imports from China, many Americans may find it hard to manage without the range of products that dominate or in some cases monopolize the marketplace.

Safety concerns over Chinese-made goods prompted further comments in Congress over the past week and led President George W. Bush to establish a new panel to review the safety of imported goods.

Yet economists and consumers say that Chinese-made products have become so ubiquitous ….

Read the rest:
http://news.yahoo.com/s/afp/
20070722/ts_afp/uschinatradeeconomy_
070722032658

Related:
Chinese dissident was tortured

Frightening Scenes: Beijing’s Brutal Dirty Laundry

China Planning a Surreal Facade for Summer Olympic Games: Beijing 2008
(Details China’s product safety and other scandals this year)