Word: greenbacked
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...really big decision won't come until June 20, 2004, when another Fed member's term runs out - Greenspan's. Father Greenback will be 77 then, and few expect him to try to go another four years after steering the money supply (rather successfully) through a recession, a boom, a global currency crisis and whatever it is we're in now. Who's up next? Vice Chairman Roger Ferguson is brilliant, qualified, and Bush just renominated him. But the Fed Chairmanship is a political appointment, for friends and allies only, and Ferguson was Clinton's pick...
...steady drummer he's been so far - to justify what he said. This way, economists and pundits and investors and investor-watchers are left confused and maybe a little hurt - not to mention in possession of the excuse many of them have been waiting for to knock Father Greenback off his Teflon pedestal...
...erode corporate profits by raising the price of U.S. exports, it also lowers the cost to Americans of everything that is imported from abroad, from cars to cameras. "It's been a boon to consumers," Berner says of the dollar, "because it keeps inflation down." He adds that the greenback should remain strong for the rest of the year because foreign investors "still view our markets as the most attractive in the world...
...Losers ALAN GREENSPAN The god of the greenback cuts interest rates, but the U.S. stock market faints anyway. What do they want? Free loans from Japan? JOSE BOVE McSledgehammer? The anti-globalization Frenchman loses his appeal against a three-month jail sentence for wrecking a McDonald's RICHARD LI After eight years in the limelight, the telecom wunderkind admits he never graduated from Stanford. Is he really Li Ka-shing...
...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...