Word: bankers
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APPOINTED. DONALD POWELL, 64, chairman of the Federal Deposit Insurance Corp. and former Texas banker and fund raiser for George W. Bush; as federal hurricane reconstruction czar; two months after Katrina thrashed the Gulf Coast; in Washington. To critics who questioned Powell's lack of experience in disaster relief, his new boss, Homeland Security chief Michael Chertoff, said hurricane victims deserved his "leadership" and "optimism...
...generate inflation," says Alan Wild, a global fixed-income manager for Barings Bank. In November 2002, Bernanke publicly spoke of options, citing Milton Friedman's famous "helicopter drop" of money into the pockets of consumers via tax rebates to stimulate spending, which was radical stuff from a central banker. Some are now worried that Bernanke would overcorrect his reputation, raising rates too far to prove his credibility on the inflation-fighting front...
...York City in 1995, headlines reflected the confusion he had sown. GREENSPAN HINTS FED MAY CUT INTEREST RATES, read the Washington Post. DOUBTS VOICED BY GREENSPAN ON A RATE CUT, said the New York Times. But the Maestro was clear about one thing: "Since becoming a central banker I have learned to mumble with great incoherence," he said in 1987. "If I seem unduly clear to you, you must have misunderstood what I said...
...same token, supply-siders on the Republican right regard Bernanke with suspicion. A recent critique of Bernanke in the online edition of the conservative National Review labeled him a "Keynesian" who believes in the "limits" of growth, and portrayed him as a central banker unlikely to support more and deeper tax cuts. As National Review put it, "Much right now is being made of President Bush's historic chance to remake the Supreme Court. No doubt that's true. Perhaps just as important will be Bush's Federal Reserve appointments, foremost of which will be Alan Greenspan's replacement...
...sharp run-up in energy prices is "an accident waiting to happen," Federal Reserve Chairman Alan Greenspan said Monday. That's not the sound of a central banker about to start sitting on his thumbs. The Fed has been raising short-term rates for a couple years-from a fed funds rate of 1% to 3.75%. Economists expect him to keep boosting the benchmark rate to about 4.5% next year...