Word: greenspans
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Dates: during 1990-1999
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Perhaps the most soothing of all, though, were the carefully chosen words of Greenspan. In his inimitable style, the Fed chief called the swift market decline "a salutary event" that might be just what the economy needs to keep from overheating and allow the '90s expansion to continue for years...
Like a snake charmer, Greenspan talked the market into a catatonic state--or was it that traders were merely exhausted? Prices remained somewhat stable the rest of the week, and by Friday the Dow stood 9.9% below its all-time high and few investors seemed much worse for the wear. There were some casualties, among them speculator George Soros, whose company lost $2 billion on Monday. Several Fed presidents joined Greenspan in talking up the economy. "The basics of the U.S. economy are strong," said Cathy Minehan, president of the Boston Federal Reserve Bank. "I see no reason why that...
...markets, at least temporarily, leaving the Fed chairman to puzzle anew over the combination of muscular economic growth and low inflation that have characterized the U.S. expansion since 1992. He frequently refers to the phenomenon as a "new paradigm," although he remains chary of how durable it will prove. Greenspan and other economists credit the spread of technology with improved productivity, which paves the way for faster economic growth without price increases. The problem: productivity increases are difficult and sometimes impossible to document. Nevertheless, there is no doubt about the spread of high technology: recent studies show it has powered...
...Greenspan remains skeptical of the prospects for a "new American economy" until more data are available. "Regrettably," he says, in a typically meandering turn of phrase, "the argument for the so-called new paradigm has slowly shifted from the not unreasonable notion that productivity is in the process of accelerating, to a less than credible view...that we need no longer be concerned about the risk that inflation can rise again...
...last week, however, Greenspan had at least embraced the paradigm of the "new American husband." After his testimony on Wednesday, he and Mitchell attended a state dinner for Chinese President Jiang Zemin. Thursday was Mitchell's 51st birthday; the duo had planned to slip away to a hotel in the Virginia countryside, where they got married in April. But both were so exhausted that they decided to stay home. Alan presented Andrea with a gold necklace ("I was amazed he had the time to shop," she says). Meanwhile, Mitchell fixed dinner in their northwest Washington home. After feasting on pasta...