If there were a serious deflationary slowdown, that would certainly make life trickier for banks, especially if it were to drag down economic growth.

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Housing slowdowns drag down GDP growth in two ways: by slamming the brakes on the construction industry, and by making consumers feel poorer so they spend less.

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Michael Dicks, an economist at Lehman Brothers, points out that a slowing economy will start to drag earnings growth down next year.

ECONOMIST: The economy

That will drag down the overall growth rate in the short run.

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However, continued strength in U.S. dollar will drag down international revenue growth.

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Bracelin figures HP's U.S. retail PC sales will sink by 7%, a drop that will drag sales growth down for HP's entire PC business.

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Asia's turmoil may well drag down America's growth rates, but, in doing so, it will help to restrain overheating.

ECONOMIST: Too triumphalist by half

Though responsible for the sort of traditional media that bloggers love to mock including the business that has done more to drag down Viacom's growth than any other, radio Mr Moonves is unlikely to sit back and remain content with slow growth.

ECONOMIST: Viacom

That alone could drag Western economies' growth rates down by 1.5 percentage points.

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