Word: salomone
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...Greenspan's closeness to the Reagan Administration could give him more influence over fiscal policymaking than Volcker possessed. Says Henry Kaufman, chief economist for the Salomon Brothers investment house: "Alan has a greater intimacy with people in the Administration and can argue his thoughts with them...
Amid the welcomes there were a few voices of caution. Henry Kaufman, a partner at the Salomon Brothers investment firm and one of Wall Street's most famed Cassandras, warned that Greenspan's appointment in the short haul "is a negative both for the dollar and for interest rates." Allen Sinai, chief economist at the Shearson Lehman Brothers investment house, noted that Greenspan "does not have much experience in international finance...
Greenspan's lack of central bank experience does not bother experts like Salomon Brothers' Kaufman. Mindful of Greenspan's reputation in Republican and Wall Street circles, he says the chairman-designate "has the standing in Washington to deal forcefully with other Federal Reserve Board members...
...growing number of economists believe the proliferating danger signals may herald a downturn. Says Pierre Rinfret, an economic adviser to President Nixon: "Continued decline of the dollar, coupled with fears of higher interest rates and inflation, will produce a recession before the end of the year." Henry Kaufman, Salomon Brothers' chief economist, suggests that there could be a recession...
...recent uptick in interest rates signals the start of a long-term trend. On this issue economists are divided. Goldman Sachs Economist Robert Giordano declares that the recent run-up will prove short lived. He expects rates to fall below 8% by the end of the year. Kaufman, of Salomon Brothers, is characteristically pessimistic, predicting that long-term rates will rise by nearly a percentage point, to 9.5%, by the end of the year...