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First Union Bank Official Predicts Economic Performance in 2001.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, December, 2000 by Bankston, John
Dec. 8--It's time to sober up -- our economic bender is over.
Such is the message from First Union Corp. chief economist David Orr, who told a Thursday gathering at Augusta's First Union Bank headquarters that high expectations could turn the economy sour.
Mr. Orr insisted that the 2001 economic outlook is not bleak -- it's just not as good as the past two years, which were abnormally prosperous. In 2001, we will return to normal, he said.
He predicted a transition period from extremely rapid growth to normal growth. The difference of perception, he said, is between greed and fear.
"Two years ago, the meaning of the word `risk' was I might not make a lot of money," Mr. Orr said. "Now, the word `risk' means I may lose money. That's...
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