Terry, Henry Kaufman was the top Wall Street economist of the late 1970s, early 1980s. He was top dog at Salomon Brothers, and he, along with Al Wojinlower at First Beantown, were known as Dr. Death and Dr. Doom. Both thought that Reagan's silly surprise side financial and economic policies would cause a crippling deficit and ballooning federal debt, and they were right. Both thought that this deficit would kill the stock market and they were right for about 4 years. After that, they seemed to fade from the scene. Both were considered for Fed director, but, somehow, a less respected economist got the nod.
I like Kaufman, though I think he is fighting the last war as far as inflation is concerned. |
