Word: greenspans
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Inflation, Senator. And growth rates. And the current account deficit. And inflation. And maybe what's for lunch. When he took over the Fed from Alan Greenspan on Feb. 1, Bernanke became the man portrayed as having his hand on the controls of the U.S. economy. If prices rise rapidly or the economy slows, Bernanke gets blamed. If the economy continues to grow at a healthy clip, he's celebrated...
Theoretically, the Fed chairman isn't all-powerful; whether to raise or lower taxes, for example, isn't up to him. But partly because interest rates, which the Fed does control, fundamentally affect the way consumers and businesses spend money and partly because Greenspan solidified the standing of Fed chairman as a demigod, every thought that Bernanke utters is treated as Delphic. "The U.S. economy appears to be in a period of transition," he told Congress, with the robust growth of the past three years moderating, which in turn should help keep inflation in check. The stock market rallied, anticipating...
Investors who never stopped griping about the cryptic statements of former Federal Reserve Chairman Alan Greenspan may already be getting nostalgiac. In most relationships, brutal honesty (or transparency, as it's known in business-speak) is a double-edged sword, and never was that more apparent than in the swift reaction to Monday's candid comments by Ben Bernanke, Greenspan's relatively straight-talking succcessor at the Fed. In a speech to an international monetary conference, Bernanke took a hard stance against inflation and implied interest rates would continue to rise in order to keep inflation in check...
...Consider the lineup: Paul O'Neill, the onetime Alcoa boss, was brought in by Vice President Dick Cheney chiefly to make then Federal Reserve Chairman Alan Greenspan happy. The three men had worked closely in the Ford White House, and Cheney thought he was bringing the band back together. But reunion tours don't work much better in government than they do in rock 'n' roll, and O'Neill, who had a flair for candor that matched Cheney's for secrecy, quit - or was fired, depending on whose account you believe - after two shaky years...
...EMINENT PERSON’ As he rebuilds HMC, El-Erian will also be advising the International Monetary Fund on the financing of its core operations. He will serve on a “committee of eminent persons” along with former Federal Reserve Board chairman Alan Greenspan, People’s Bank of China Governor Zhou Xiaochuan, and five others, the fund announced Thursday. El-Erian rose to deputy director of the IMF’s Middle East Department during his decade-and-a-half at the fund, and he was reportedly a candidate for the fund?...