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Article: New economy fun for Main Street, not for Wall Street.(Business Times)(The View From Wall Street)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- October 27, 1997
CopyrightCOPYRIGHT 1997 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BRAVE NEW WORLD
"We were early believers in the notion that `this time is different,' and it has been gratifying to see consensus come our way. At the same time, the consensus' embrace of the thesis has been disturbing because now the Brave New World thesis has become a bumper sticker and has become embedded into the existing array of financial market risk premiums. The Brave New World involves these components: lower cyclical volatility; a lower natural rate of unemployment; faster growth; and soft landings and soft takeoffs every six months or so, with a virtual "flat line" for inflation.
"The consensus now seems to believe that the Brave New World ...