Word: fed
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...Fed has two main responsibilities: fighting inflation and fostering orderly growth. The two are sometimes at odds, and every Fed chairman must choose which way to lean. Greenspan, like Paul Volcker before him, is a proven inflation fighter. But Bernanke shows signs of tolerating rising prices. When the economy was threatened with deflation (generally falling prices) a few years ago, "he among all the Fed governors was most vocal about the need to 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...
...Bernanke era promises to be toughest on Fed watchers who have made a living interpreting Greenspan. "Ben is crystal clear in both his writings and his speaking," says Frederic Mishkin, a friend and Columbia University economist. In Bernanke's experience, being direct works. As an 11-year-old, he won the South Carolina state spelling bee--but only after contesting a judge's ruling that he had misspelled a word. "He walked off, then came back and said, 'Excuse me, sir, but I spelled that word correctly,'" recalls his mother Edna. Sure enough, a tape recording proved him right. Bernanke...
...have become legend with Greenspan. His wife, NBC correspondent Andrea Mitchell, has joked that he proposed twice before she understood what he was saying. After tongue-twisting comments by Greenspan to the Economic Club in New 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...
Bernanke seems to want no part of that life. When he was appointed a Fed governor in Washington, the college professor "didn't have a suit to his name," says his father Philip. Bernanke realized he had to go shopping and "picked up four suits--all the same color." Before moving to Washington, he commuted from Princeton and told colleagues how he spent hours on the New Jersey Turnpike when he should have been with his wife Anna and two children, now college age. Says New York University economist Mark Gertler, who collaborated with Bernanke on several studies: "He would...
...Purple Eagles (3-3-0) got on the board first when Randy Harris fed Matt Caruana seven feet in front of the net for a goal 36 seconds into the game...