Word: feds
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Dates: during 2000-2009
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...Alan Greenspan really the root of all economic evil? Uh, no. By general agreement, the main jobs of the Federal Reserve are to halt financial panics before they spiral into depressions and to keep inflation from getting out of hand. The Fed has failed miserably at each of these tasks once--depression prevention in the early 1930s and inflation prevention in the 1970s. Under Greenspan, it took care of both pretty well. Brad DeLong of the University of California, Berkeley, an economist with no particular loyalty to the former maestro, estimates that of 36 significant interest-rate decisions during Greenspan...
...Wall, the technology-fueled transformation of global business and the long decline in the price of oil and other commodities. He was not a magician, just a very competent central-bank chief with a knack for being in the right place at the right time (not only at the Fed: as a young man, he studied music alongside future saxophone great Stan Getz, learned statistics from the guy who devised the Index of Leading Economic Indicators and thought his first deep thoughts at the personal prodding of philosopher-novelist Ayn Rand...
...very success of the Greenspan years at the Fed, though, created a new set of problems. One was that investors and lenders, convinced that inflation and depression were no longer serious threats--and that the chairman would bail them out of any trouble they stumbled into--became heedless of risk. This has added a hard-to-master new responsibility to the job description of Fed chairman: restrainer of financial-market euphoria. But again, it's the product of success...
...tuna, for instance, dine on live pelagic fish, such as anchovies, sardines and mackerel, but it takes about 20 kg (44 lbs.) of such feed to get 1 kg of tuna ready for a sushi bar near you. (Tuna are ranched - that is, corralled from the wild and then fed in anchored pens - because despite prodigious efforts, especially by the Japanese, no one has been able to raise tuna from eggs...
...slash the target federal funds rate, the overnight rate at which banks can lend to each other, by half a percentage point yesterday to four-and-three-quarters percent—a move that was met with moderate approval from Harvard’s economists. In a statement, the Fed said that “the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally,” and lowered the rate in an attempt to “forestall some of the adverse effects” of the recent...