Mark Zandi
Mark Zandi
Mark Zandi is chief economist of Moody's Analytics, where he directs economic research. He is co-founder of Economy.com, which was acquired by Moody's Analytics in 2005. Prior to founding Economy.com, Zandi was a regional economist at Chase Econometrics...
NationalityAmerican
ProfessionEconomist
CountryUnited States of America
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Some 20 percent of the nation's refining capacity seems to be right in Rita's path. If that gets disrupted at all, then gasoline, jet fuel, natural gas and home heating oil will surge higher.
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People are able to pull money out of their homes and put it into their gas tanks. So the overall effects on consumer spending have been small.
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It is going to be a tough winter for many seniors. Not only will they face higher Medicare premiums, but record gasoline prices and higher home heating bills as well.
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In the next few months, there's no upside. And this winter, we're going to feel it more noticeably as people pay record gas prices and record home-heating bills.
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The economy is going to be hit hard by Katrina, and it is going to be hardest on consumers who are already stretched thin. With the surge in gasoline and home heating oil prices, consumers will have a difficult choice to make between filling their gas tank or spending on other things.
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This should be a year where the tech market stabilizes but I don't see job growth until 2004.
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There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.
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This region is expanding not quite as much as the rest of the country. We will see much less housing activity, especially in the next couple of years.
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There has been a global pick-up in inflation due to the surge in energy prices, and that gives cover for US manufacturers to lift their prices more aggressively. Central banks across the globe are tightening policy in fears that the surge in energy prices will infect inflation more broadly.
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You have to go back 25 years to find a decline that is as significant on a percentage basis.
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As the memory of the tech bust fades, we seem to be getting better and better job growth.
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At some point you will get a combination of falling values combined with rising payments on adjustable mortgages, which will result in more bankruptcy. For these areas of the country that are enjoying such wonderful conditions right now, it will become much less wonderful a few years down the road.
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The Port of New Orleans alone imports 250,000 tons of coffee every year.
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Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.