Word: feds
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...official word was that Rubin?s presence was a show of bipartisanship. But has the credibility of Greenspan, hardly a flagrant Republican these past 14 years at the Fed?s helm, sunk so low? Or was it that in a time of economic crisis, the sight of Rubin and Greenspan together again, just like the time they saved the world from the 1997 Asian currency meltdown, was deemed to be far more reassuring that the sight of Greenspan and O?Neill...
...irresistible, they say - $100 billion in fiscal stimulus from Congress, as many rate cuts as it takes from the Fed, the long-awaited upturn in the business cycle that was due to come this summer, then this fall, then this winter before Sept. 11 happened. Because Sept. 11 did happen, the dip will be deeper, but the comeback will be quicker. Unemployment will peak around, say, 6 percent in the spring, a lagging indicator as always, and by late summertime 2002 the living will be easy all over again...
...long at all before Tom Ridge sinks quietly into a swamp of bureaucracy, the recession is over and the economy is back and more robust than ever. Our fundamentals remain strong and our consumers have short memories and long habits. We have a capable Fed and a White House that seems to understand that picking winners and losers is not something the government is known for doing well...
...Federal Reserve, by flooding the U.S. banking system with cash, is giving lenders the confidence to extend credit without disruption. Expectations of further Fed cuts in short-term interest rates, along with the flight of money to safe investments late last week, helped push long-term interest rates to their lowest levels since the 1998 Asian financial crisis...
...Back at the office, the air was clear. I watched the session end quietly on CNBC: record volume and record point losses, and Grasso had seen his feverishly rebuilt infrastructure hold up admirably, just as he?d promised. The center had held, but despite Fed rate-cutting and SEC permissiveness the big indexes had broken through technical lows that nobody wanted to see again, and most forecasters admitted it was hard to know what would happen from here...