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.

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

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