Word: fed
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Dates: during 1990-1999
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Harvard's first rebound came 18:51 into thegame. Shewchuk, skating in from the left corner,fed Botterill in front of the net but DeCosta madea butterfly stop. She could not get up to coverthe puck, however, and Shewchuk sent home therebound from the left post...
...eager to get to your family and all that, but boy, this holding the world economy by the hand is even better than advertised. The phone rings. Maybe it will be like this summer, when your mom picked up in your house on Cape Cod and found Fed Chairman Alan Greenspan on one line and worried Russian reformer Anatoli Chubais on the other. Oh, how she thrilled over that! The phone rings, and because you are the Deputy Secretary (and happen to be one of the few rocket-scientist economists not trying to create a black box to make deviously...
...initial downturn didn't surprise the Fed or the Treasury too much. For the better part of two years, Greenspan and Rubin had been quietly fretting about the narrowing "spread"--the difference in interest rates--between U.S. bonds and emerging-market bonds. By 1996 banks were lending money to countries such as Malaysia at interest rates just a few percentage points above what the U.S. Treasuries commanded. The implication: Malaysia was not a much riskier bet than the U.S. This was nonsense, and the committee knew some correction was in order...
...gains are never worth long-term economic risks. Even though this year he had plenty of incentives to pump up his role in Asia and Russia, he has remained mum. In particular, that meant resisting the temptation to "talk up" the dollar or the stock market or bash the Fed for interest-rate moves. And Clinton has, in typical style, been an aggressive autodidact. Aides recall the time last fall when, nursing an aching back, Clinton spent an afternoon stretched out on a White House couch with one eye on the TV and the other on George Soros' complex...
JOSHUA COOPER RAMO, editor of TIME's World section, takes you inside the most powerful economic triangle in Washington in this week's cover story on the Committee to Save the World, a.k.a. Fed Chairman Alan Greenspan, Treasury Secretary Robert Rubin and Deputy Treasury Secretary Larry Summers. As volatility has upset foreign markets and economic models, the three men have forged a unique partnership to prevent the turmoil from engulfing the globe. "They are motivated by the prospect of confronting entirely unprecedented economic challenges," says Ramo. Reporting this tale proved a challenge too. Ramo followed Summers to Russia this summer...