Word: salomone
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Henry Kaufman's grim predictions have made the Salomon Brothers chief economist Wall Street's leading doomsayer. But his assessment of the economic problems that President Reagan must tackle in his second term is widely shared by economists and business leaders. After a first term in which he presided over historic cuts in taxes and social spending combined with a major military buildup, Reagan now must confront the largest and most menacing budget deficits in U.S. history. Along with them have come woes ranging from an unprecedented international trade gap (an estimated $114 billion) to jitters about interest...
...away. "At some point down the road, these deficits are going to haunt us," says Kenneth Mayland, chief economist of the First Pennsylvania Bank. As the economy expands, rising loan' demands by businesses will collide with Government borrowing. The eventual result, says Economist Henry Kaufman, partner in the Salomon Brothers investment house, could be "an explosion in interest rates." If rates rise, federal borrowing costs will go up and so will the deficit. Thus, many economists argue, large deficits and high interest rates feed each other in a self-perpetuating cycle...
During the past year Corporation members have and personally with the heads of three firms--Joy Manufacturing Company. Dim and Bradstreet Corporation and Phibro Salomon, Inc.--whose policies are considered particularly objectionable...
...powerful fusion of forces has been propelling the dollar upward. "It's not just a single factor," says Salomon Brothers Chief Economist Henry Kaufman. "It's the combination." High U.S. interest rates that attract foreign cash are among the major reasons. At 13%, the U.S. prime rate is at its loftiest since September 1982, and pressures from the huge federal deficit and the economic rebound are likely to drive the prime higher. High interest rates, of course, can be good for those with money in the bank...
Avon put up an additional $53 million to modernize and expand the Tiffany operation, but the famous seller of tasteful baubles to the wealthy never lived up to expectations, says Analyst Diana Temple of Salomon Brothers. When Avon bought the company, its profits were $5.7 million on sales of $72 million. Sales have gone up sharply since then, but profits have had nowhere near the same gain. Last year Tiffany earned only $8.1 million on sales of $124.6 million, and it actually lost money during the first quarter of this year...