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...view of many economists, interest-rate modifications are better than tax cuts as a way of combating slowdowns, in which case the main weapon of recession fighting would rest with Greenspan. All the same, Bush is hoping that he can get the Fed chairman to signal in some way that he too would agree to a big slice, perhaps during his upcoming testimony before Congress. Greenspan thinks the surplus should be used to pay down the national debt, but he would accept seeing some of it go back as a tax cut before he would allow Congress...
Bush's adviser Lindsey is a good friend of the Fed chairman's. So are Cheney and Paul O'Neill, Bush's choice as Treasury Secretary. Both worked with Greenspan in Gerald Ford's White House. All of them will be going to work on Greenspan to persuade him that Congress would simply spend the surplus before it can be used for bill paying. And George W., whose father had notoriously frosty relations with Greenspan, has gone out of his way to court the chairman. A few weeks ago, after their get-acquainted meeting in Washington, he even squeezed...
Returning to Washington, O'Neill will find himself with new problems but also old friends. O'Neill met Fed Chairman Alan Greenspan back in 1969, when both men worked as junior aides in the Nixon White House, and has stayed in touch ever since. O'Neill was such a whiz at mastering the details of Medicare and Social Security that Gerald Ford's White House chief of staff, a young guy named Dick Cheney, promoted him to deputy director of the Office of Management and Budget. By 1975, Cabinet officers like Donald Rumsfeld, the once-and-future Pentagon chief, were...
...What about the Fed's quarter-point cut in the discount rate announced after trading hours Thursday...
...That's not particularly important. Usually the Fed only lowers the discount rate after a request by the member banks. So it's a technical move - a procedural matter. It brings the two interest rates into alignment, but doesn't say more about the Fed's thinking than the cut earlier this week has already said...