Word: feds
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Dates: during 1990-1999
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...BEST ARGUMENT THAT GOD IS FED UP WITH HOLLYWOOD
Chairman Alan Greenspan was doing a pretty fair imitation of Scrooge. In congressional testimony last week, the Fed chief gave his gloomiest ever assessment of the economy, warning that consumers and businesses are so top- heavy with debt that a recovery is nowhere in sight. And any attempt by Congress or the White House to sneak through a quick-fix tax cut, he added, could widen the budget deficit and further harm the economy...
...this depressing talk from Mr. Greenspan." Urged Yardeni: "Let's have a full-point cut in the discount rate today!" The message evidently got through. Late in the week Greenspan turned Santa Claus. He lowered the discount rate, which is what banks are charged for borrowing money from the Fed, by a full percentage point. The new 3.5% rate is the lowest in 27 years. Commercial banks quickly followed by dropping their prime lending rate by a point...
...CAPTION: FED DISCOUNT RATE
...Fed chairman Alan Greenspan told Congress last week that the economy was not doing all that badly yet consumer confidence was weaker than he had ever seen it. In a nation of consumers, low consumer confidence is more than an unwillingness to buy. It is a loss of faith, a statistical measure of national anxiety. As the year ends, a morbid pessimism has settled over the nation, a Great Depression not of the economy but of the psyche...