Word: greenspans
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Dates: during 2000-2009
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...That?s Alan Greenspan?s new part-time job. The task of the newly formed Air Transportation Stabilization Board, headed by the Fed head (or his representative) and rounded out by Treasury Secretary Paul O?Neill, Transportation Secretary Norman Mineta, and U.S. Comptroller General David M. Walker, is to figure out how to disburse those $10 billion in loan guarantees (essentially a government co-sign that allows banks to make bad loans to desperate carriers at reasonable rates). To decide which airlines get how much money at what rates, and what, if anything, they have...
...Greenspan hates to tell Congress its job, and early peeks at the ATSB?s thinking (courtesy of the WSJ) point to Washington doing a little. Loan the money evenly and to all carriers weak and strong, big and small, with maybe the best terms set aside for the airlines that can put up the most collateral (fair enough) - and be fully prepared to kiss a lot of it goodbye...
...fast-gathering stimulus-package debate Wednesday for the first time with a bid of "$60-$75 billion," topped Tom Daschle?s whispered $50 billion earlier offer. That?s on top of the $55 billion already dashed off to rebuilders and the airline bailout. So what's to worry about? Greenspan and Rubin say any more than $100 billion total (roughly 1 percent of GDP), and you?re begging for rising interest rates now and rampant inflation later...
...fight the Fed, the saying still goes - rate cuts will win eventually, and eventually Greenspan is going to have to take these last few cuts back. But at this point, he?d like nothing better than to have gone too far. Because if the consumer holes up for the winter - and that could happen for any number of as-yet-unknowable reasons - the corporate engines of capitalism have no reason to get into gear again, and this economic hibernation could go on indefinitely...
...Another attack on the home front. A Pentagon stumble abroad. Something as rational as a widespread consumer belt-tightening. At this point, it wouldn?t take much. So what?s another 50 points? This is no time for Greenspan to wager his legacy on standing still...