Word: alanes
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...then there's the European Central Bank. At the turn of the year, Fed Chairman Alan Greenspan's surprise interest rate cuts had market pros expecting Europe's monetary authorities to follow suit. But in his public statements, E.C.B. president Wim Duisenberg has remained unfailingly upbeat about the growth outlook. What's more, February's uptick in prices, which brings euro-zone inflation up to a 2.6% annual rate, gives the E.C.B. plenty of reason to sit on its hands for a little longer. (The central bankers consider inflation above 2% unacceptable.) "They have a view that monetary policy will...
There's also some doubt that Federal Reserve Chairman Alan Greenspan can ride to the rescue with another rate cut. "He's a gradualist. Each little step is expected, and there's never any surprise, so cumulatively there's no impact on the psychology," argues Michael Murphy, editor of the California Technology Stock Letter. Last week the market was begging for an interest-rate cut beyond the half percentage point already factored in. The Fed cut rates twice in January a total of 1 percentage point...
...hard landing. And there's a real case for an L-shape, he adds. That's L as in hell, a recession that is just starting and would last 18 months. His main concern is $4 trillion of vaporized stock wealth, which is crushing consumers. Biggs says Fed chief Alan Greenspan blew it; he was too slow to cut rates to stimulate spending and put a floor under the market. Meanwhile, the layoffs you've heard about recently won't hit until the second quarter, accelerating the slowdown...
...Alan, the glass is half-full...
...know whether the New Economy can really pull out of a skid with new agility or whether the "reverse wealth effect" has left it on its side in a ditch with two wheels spinning in the air. In either case, the Year We Cleaned Up the Bubble will have Alan Greenspan's fingerprints all over...