Word: gramley
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Dates: during 1990-1999
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That will be the painful consequence of the heedless and high-flying '80s. "We live in the box we've got ourselves in," says Lyle Gramley, chief economist for the Mortgage Bankers Association of America and a former Fed governor. "We are paying the price for what we did in the past with this enormous federal deficit. The price goes beyond the poor functioning of the economy now. Here we are, this great, wealthy, affluent nation, and we cannot afford to rebuild our highways or bridges. We cannot afford to have a really serious war on drugs. We cannot afford...
Reinvigorating the economy will require substantial new investments in all the areas that Gramley mentions. That has already triggered a politically volatile debate about shifting funds from defense to education and other programs to foster long-term growth. But having triumphantly demonstrated the power of capitalism to doubters abroad, the U.S., ironically, now faces the test of showing that the American brand of private enterprise can still solve problems at home...
...before the gulf crisis. Among them: the fall of real estate prices in many countries, the banking crisis in the U.S., the crumbling Soviet economy and rising tensions in global trade. The return to robust economic growth is likely to be very gradual, especially in the U.S. Says Lyle Gramley, chief economist for the Mortgage Bankers Association: "This may be a recovery that still feels like a recession." One bright spot is that as long as the U.S. can avoid a catastrophic recession that could harm its trading partners as well, the still healthy economies of Japan and Germany should...
...many ways, the U.S. is already moving toward a smarter, sounder economy after the excesses of the 1980s. Says Gramley: "We are going back to the kinds of prudent, cautious lending standards that prevailed two to three decades ago. That was very much needed. We will be delighted over the long run that we did this, however much it hurts now." That is a good sign, but until the end of the war, the virtues and strengths of the U.S. economy are likely to be partially hidden by the gloom...
...ease credit once a plan was adopted. But financial experts expect no more than a quarter-point decline in interest rates, far less than the 1.5% drop the Administration has been hoping for. "This agreement will give the Fed a degree of maneuvering room, but not much," says Lyle Gramley, a former Fed governor...