Word: greenspans
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Dates: during 1990-1999
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Federal Reserve Chairman Alan Greenspan called the U.S. economic outlook "as bright as it has been in decades," but sent the signals investors hate most: the Fed might again take steps to prevent inflation by boosting interest rates. Treasury Secretary Lloyd Bentsen, trying to stand tall a day after the dollar sank to a post-World War II low against the Japanese yen, vowed action if needed to bolster the greenback. Economists said the two men are in a bind: allow the dollar to fall further, and potentially provoking inflation, or raise interest rates and dampen U.S. economic growth...
...Alan Greenspan...
Critics of the central bank contend that Fed Chairman Alan Greenspan is jeopardizing the recovery by fighting the wrong war. Not only is inflation dormant, they argue, but Americans are working more efficiently in a fiercer, more global competition. The result is that today's U.S. economy can grow faster with fewer price increases than ever before. "The historic connection between economic growth and inflation has been broken," declares General Mills chairman H. Brewster Atwater Jr., whose company slashed the price of Wheaties 10% earlier this year. "There is very little evidence of any inflation in any of the businesses...
...Greenspan's approach has its zealous supporters. Allen Sinai, chief economist for Lehman Brothers, applauds the "totally unprecedented" new strategy of pre-emption. "The old way never worked," he says. "It was always too little and too late." Nevertheless, last week's economic news confirmed that the expansion is in scant danger of overheating. Consumer prices rose just 0.1% in April as falling food and fuel expenses offset a jump in medical costs. At the same time, wholesale prices slipped 0.1% overall. "Here we are three years into the recovery and inflation is still declining," says Ross DeVol, an economist...
...ECONOMY: What Made Alan Greenspan...