Word: fed
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Dates: during 1990-1999
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Poor Joel Klein. It's less than two days after he spearheaded the Fed-state attack on Microsoft -- the largest antitrust lawsuit of the century -- and the trustbusting assistant attorney general has announced that his cupboard is bare. Apparently a 275-strong legal staff and $95 million in government funding is not enough in these days of monopoly and merger, and Klein requires a budget boost of "certainly several million dollars...
...from modestly robust economic figures that suggest a rate increase is in order to slow the economy, and rumors that Federal Reserve chief Alan Greenspan is leaning that way. So what? Six months ago, Asia was falling apart, and everyone thought the economy would sag so much that the Fed would cut rates. Six months before that, the economy was looking brisk, and the Fed did in fact nudge rates higher. But only a year before that, the economy looked anemic, and the Fed was cutting rates...
...field to see her ramming her head into other people's heads [despite her hair loss due to chemotherapy]; running around the field after she's been fed chemicals to kill the cancer," Wallison said. "I sort of think of Lori as this higher being...
...boiling job market may be heating the inflation pot. Greenspan needs to maintain low interest rates to keep capital flowing into the troubled Asian economies. But the Labor Department report says wages have jumped to a record $12.67 an hour. That's got to put the fear into the Fed. It's unlikely that El Niño can cause enough bad weather -- as it did in March -- to slow the job juggernaut again. Between keeping interest rates beneficial to Asia and raising them to nix U.S. inflation, Greenspan's bind just became much tighter...
Bank on this: if recent mergers serve as a guide to the future, the brave new world of financial services means higher costs for consumers, at least initially. The banking industry has rolled up six straight years of record profits, fed by massive consolidations and the application of new technologies. The industry's net income hit $59.2 billion last year, up 13% from 1996, with fewer but larger institutions. According to the FDIC, last year 599 bank mergers took place, reducing the number of banks to 9,143 from nearly 14,000 just 10 years earlier...