Word: dooms
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...his essay "A Can-Do Nation" [April 9], Bill Bradley rightly described the American character as "open, generous, expansive, forward looking, creative, egalitarian and optimistic." His article should be required reading for each and every presidential candidate. Enough with the gloom and doom...
...Loker Commons, the creation of the Lamont Library Café, the renovation of the Mather and Dunster dining halls, and the creation of a new dance center when the old one was shut down. All of these major student life initiatives were on the brink of doom or significant delay because of the whim of one person—the dean of the Faculty of Arts and Sciences...
...have heard such pronouncements of impending doom before, of course. Howard Ruff's How to Prosper During the Coming Bad Years was a top seller in 1979. Ravi Batra's The Great Depression of 1990 hit No. 1 in 1987. Ruff's book did in fact ring in several very bad years, and there was a recession in 1990. But doom was averted, the economy came roaring back both times, and the lesson learned was that betting against the continued prosperity of the U.S. was a losing strategy...
...agree with Wiggin, then former Federal Reserve Chairman Alan Greenspan's legendary ability to pilot us past market jitters and avert major economic dislocations is something not to be praised but to be condemned. Among the doom crowd, Greenspan's decision to slash interest rates as the stock market plummeted in 2001, which fueled the last leg of the real estate boom, is seen as his gravest error. Despite his raising rates since then, Greenspan's successor Ben Bernanke is if anything even more reviled. His sin was committed in 2002 when, as a member of the Federal Reserve Board...
...Bernanke-Greenspan point of view is that averting Great Depression--style financial meltdowns by opening the federal monetary spigot is a good thing. The doom guys (who usually refer to Bernanke as "Helicopter Ben") argue that this is short-sighted. Without occasional, and painful, unravelings of debt and speculation, debt and speculation inevitably get out of hand. It's a stark, almost Puritan way of looking at the world, and it has been out of step with economic reality for the past quarter-century. But that doesn't mean it always will...