Word: feds
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...leadership vacuum, Congress prepared to name provincial governor Adolfo Rodriguez Saa as acting President until an election is held on March 3. But Argentina's collapsing finances demand urgent attention. Default on the country's $132 billion debt seems inevitable--especially since last week's popular rage was fed by the government's preoccupation with servicing debt in the midst of an economic meltdown. Unemployment has skyrocketed to more than 19%. Add to that a split in the opposition Peronist party, and it's clear that an end to Argentina's woes will not come soon or easily...
...them up. Despite being a Clinton appointee, Tenet had passed those tests months before. Bush made it clear early on that, unlike his predecessor, he expected to see his CIA director often. Tenet obliged, turning up at least twice a week for the President's morning intelligence briefing. He fed Bush the good stuff--raw human intelligence, along with plans for action--instead of meandering analysis. "He wasn't puffed up or pompous," says Vice President Dick Cheney. "The President clearly likes that." It also helped the CIA director that the President's father, the only person in the world...
...Fed influences consumers more than businesses
Classic recessions start with the Fed fearing inflation and aggressively raising interest rates to choke off excess business investment. They end with the Fed defeating the inflation foe and slowly cutting rates again. This one started with inflation practically nil and the Fed in neutral. With no inflation threat--indeed, with deflation the bigger worry in some camps--the Fed has been aggressively cutting rates. Those cuts are working to stimulate the economy, but not in the usual...
...Fed Chairman Alan Greenspan and company have chopped the benchmark federal funds rate 11 times this year, to 1.75%. In the last recession, the rate fell only to 3%. "This is unlike anything we've seen in the postwar period," says economist Stephen Roach at Morgan Stanley. Recessions that spring from manic business overbuilding, such as this one, were more common before World War II and proved then to be far more difficult to correct, lasting on average about twice as long as recessions caused by Fed rate hikes, Roach notes...