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...fed up. Plain and simple. And given that we're a magazine obsessed with time and its various accoutrements, it's only fitting that time is what's sticking in our collective craw. Things past. Beginnings, middles, and especially impending ends. It is our tenth issue. To this point, we've filled a lot of boxes, so to speak, with quite a few mounds of text and a large number of megabytes of photos...
...These numbers show us that we're clearly scraping the bottom of the labor pool," says TIME senior business writer Bernard Baumohl. "It means that we're probably going to see the unemployment rate, which is already at a record low, go even lower. And that could encourage the Fed to continue to raise interest rates...
...Last month when Greenspan was asked if he'd slow the rate hike growth in order to stabilize the stock market, he told a Senate subcommittee that it's not the Fed's job to safeguard the stock portfolios of day traders. Translation: Securing traditional economic indicators, such as inflation, take precedence over what he's termed the "irrational exuberance" of day traders. "Alan Greenspan has always believed that at some point when the demand for wages exceeds supply it will lead to increased wages and then increased costs to consumers," says Baumohl. "For that reason we can expect another...
...Greenspan's best hope for reducing the trade deficit is that the interest rate increases he has made already may be enough to slow the U.S. economy and curb its voracious appetite for imports. "Interest rate hikes generally slow down consumption after about a year," says Baumohl, "and the Fed has been raising rates since last June, which ought to slow down imports." Overall, he says, Greenspan shouldn't be too worried. "It's fairly safe to say that the trade deficit may have peaked now that oil prices are falling and the U.S. economy is showing signs of slowing...
What the dollar giveth, the dollar can also take away. And the value of America's coin of the realm may begin to assume greater prominence in the calculations of Fed chairman Alan Greenspan, as he computes the new record high in the U.S. trade deficit announced Wednesday. The $29.2 billion figure for February was almost $2 billion up from the previous month, and even though the oil-price hike was responsible for a substantial portion of the difference, the figure remains untenably high...