Word: greenspans
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Dates: during 1990-1999
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...There's often a lightening of positions before a long weekend," he says, "so traders can go to their barbecues with a clear head." But that's no guarantee this bear won't hang around well into the summer -- on Wall Street, the head that matters most is Alan Greenspan...
...news that he was leaving. Rubin felt strongly that the announcement of his departure and Summers' succession should be simultaneous. The Secretary also wanted to allow financial markets a full trading day to digest the news. Allaying market anxieties as well was an uncharacteristically non-opaque endorsement from Alan Greenspan reassuring Wall Street that Greenspan and Summers, whose friendship is well documented, have a close working relationship...
...proponents of the so-called Third Way of economic policy, a sort of free-market advocacy with a social conscience--he taught at Harvard for 10 years. A father of three and an avid tennis player--he's a hard-serving, hard-hitting sort of player, as opposed to Greenspan and his cagey spin serves--Summers is a former cancer patient, found to have Hodgkins disease in 1983. He underwent a year of chemotherapy before battling the disease into remission...
...WINNERS] ROBERT RUBIN Others get office party. He resigns; market shudders. Uh-oh, shower of brimstone on Greenspan exit...
...markets will go right back up," says TIME senior economics reporter Bernard Baumohl. "What they'll realize is that only once in recent memory did the Fed actually raise rates following a bias shift in that direction." Of course, this walk-on-water economy of ours hasn't given Greenspan cause to raise rates in quite a while either; the fear is that that could change. Baumohl says Greenspan, as always, will wait and see. "Those price numbers were just the whiff of inflation," he says. "Raising rates now could have put the feeble Asian recovery in jeopardy." What keeps...