Word: feds
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...tried to come up with as many options as possible so that our staff is safe and so that the students can be fed the next day," she says...
...interest rates in the early '90s. Greenspan has made it perfectly clear (by his standard, anyway) that he prefers debt reduction to a big tax cut. And the meeting came a day before Greenspan and the FOMC meet, at which time they are likely to restore the Fed's neutral bias toward interest rates headed into the winter...
...thus, in an early-morning meeting whose minutes we will never read, came the first big test of Bush's vaunted people skills. One of the hallmarks of Bill Clinton's unparalleled economic run was his cordial relationship with the Fed; Bush would be wise to follow that lead. Yet the first thing he's bringing Greenspan is a plan to rock the boat...
...slightly safer topic: treasury secretary. Bob Rubin and Larry Summers, both Greenspan buddies, are tough acts to follow, and one hopes Bush ran his Treasury shortlist (currently headed by ALCOA chief Paul O'Neill) by the Fed chairman, because the relationship between the Bush administration and the Fed will be Topic A for Wall Street's Beltway-watchers. The bad news: The new treasury secretary's first job will be selling that very same...
...Father Greenback can be indulgent of Bush's use of an uncertain economic spring as a political foot in the door. By then, the Fed will have cut rates if it feels it needs to, and the cloud over the boom may well have passed. Bush, for his part, brought Bush senior's adviser Larry Lindsey along to help sell the cut as harmless (he's a former Fed governor, so he and Greenspan speak the same language). Besides, there is a legitimate economic case for putting a couple of bucks back in consumers' pockets, as long...