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...word this week is that the economy will be lying very still for at least a few more quarters. In an interview published Monday, super-economist Milton Friedman predicted a recession followed by a Fed-sown snap-back: "With the very unusual Federal Reserve policy of successive interest rates cuts...the key problem once the recession ends in 2002 will be how to control inflation," Friedman was quoted as telling Italian newspaper Corriere della Sera." And Manpower Inc. released a quarterly employment survey finding U.S. employers likely to keep hiring in the deep freeze through the fourth quarter...
...Fed's next meeting, meanwhile, comes in early October, and here's some free advice, stipulated on the assumption that things look as flat and featureless in late September as they do in late August (not a big leap): Cut 50 more points, bringing the Fed funds target to an even 3 percent, and make the message very simple: We're done until further notice...
...Which will put a much-needed stop to both the prospect of the Fed saving us from the significant correction we all know we need, and the disappointment over the Fed's not having done so already. Businesses will invest again when they think they can do so profitably, and investors will do so profitably when they see businesses do it too. In the meantime, we're all be better off waiting for this to happen on its own, or else we'll just get stuck with a bunch of junk - be they overbought stocks or overbought goods - that...
These parents got fed up in different ways, but what they have in common is a willingness to sacrifice--money, career opportunities, watching soap operas--for their children's education. Sometimes these sacrifices are small, like giving up a dining room to make a classroom. But consider the Carnells of Columbia, Md., who started home schooling Erin, 6, because a shoulder injury required occupational therapy that would have interfered with school hours. The Carnells decided to keep teaching her at home because they feel they can do a better job than local schools. To teach her math and science...
BABY SOY Infants fed formula made from soybeans grow up to be as healthy as those given the standard cow-derived product. A new study comparing the two groups also seems to alleviate concerns that soy's high levels of phytoestrogens, which act like the female sex hormone, could affect development. Nonetheless, experts say, breast milk is still best...