Word: bonding
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...night, as guest speakers in Bermuda, Bob and I debated and even attacked each other for two hours, then went to dinner and took a long walk on the beach. We talked about life, the two-party system, the future of America--and forged a bond that transcended partisanship. Bob had talent, humor and a good heart. He threw his body and mind into winning. He fought every round to the bell. He believed the country needed the people he was trying to elect. For five years, he and I parried on the Today show. Although we disagreed sharply...
...sure there's any other city that is better governed," he says, pointing to the city's economic development, its daycare programs, its teen centers, the new Senior Center in Central Square, its AAA-bond rating and the considerable amount of money the city puts into affordable housing, more than any other city in Massachusetts...
...most of his time at the Fed, Greenspan hasn't had to do much more than jawbone. The bond market has taken his hints and moved accordingly. A couple of years ago I ran into Greenspan's predecessor, the aggressive inflation fighter Paul Volcker, and asked him what he thought of Greenspan's performance. Volcker, a financial heavyweight, wouldn't grade Greenspan, but he voiced a mock complaint that Greenspan was getting a lot of credit for prosperous times without having to break a sweat. The vigilantes were doing it for him. When traders whiffed inflation, they chased long-term...
...working anymore. Long-term rates are up sharply, yet the economy won't chill. That's why the stock market is jumpy. After a decade of the bond market's preventive medicine, it may be time for surgery. Greenspan may have to step up with a bold, unpopular plan for higher rates...
...have the bond vigilantes lost their effectiveness? John Manley, a market analyst at Salomon Smith Barney, traces it to the stock market's wealth effect. "People have money," he says. "Why wouldn't they spend it?" If you're sitting on stock worth twice your dreams, it's unlikely that higher rates will keep you out of the mall. And consider: more folks can sell stock and pay cash for a boat, a car, even a house. If they don't have to borrow, interest rates are immaterial...