Word: feds
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...combination will be, for better or worse, the world's biggest media conglomerate. (Of which TIME will be a part.) It's a vast empire of broadcasting, music, movies and publishing assets, complemented by AOL's dominant Internet presence, all fed to consumers, ultimately, through Time Warner's cable network. Think of it as AOL Time Warner Anywhere, Anytime, Anyhow...
...slowing so fast that it feels like a recession. Six months ago, real GDP was growing at a 5.6% annual rate. Goldman Sachs estimates that it will slow to 2.7% this quarter and 1.5% next. That's one of the fastest decelerations ever. Inflation is low, so the Fed has room to cut rates and maybe stave off anything terrible. Still, it looks like lean times ahead...
...head off dreaded inflation by targeting runaway stock prices in a bull market? These are provocative questions that take on added weight in America's newfound equity culture. Half of all households now directly own stock or stock mutual funds. We all have a stake in whether the Greenspan Fed has reinterpreted its central charter to include managing the stock market as a means of managing inflation...
...books on Greenspan give the subject little attention. In Maestro: Greenspan's Fed and the American Boom (Simon & Schuster; 270 pages; $25), author Bob Woodward briefly notes that for a while Greenspan claimed "impotence about the stock market while doggedly trying to influence it." Woodward comes back to the subject only briefly to conclude that Greenspan ultimately gave up on such a strategy because the market is just too unpredictable...
...prophet status is Greenspan himself, and his verbal powers apply only to the markets (and even then not as much as they used to). As for the larger economy, one of the bones of contention between Greenspan and the first Bush was that Bush's Treasury people thought the Fed chairman should be jawboning the economy, and Greenspan thought that was silly, and it's doubtful Father Greenback is worried about young Mr. Bush making the recession happen with a few holiday hints about being prepared for the worst...