Word: greenspans
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...Greenspan's tough economic advice; discount airlines team up against the big guys...
...Alan Greenspan was on an irascible roll last week, first dissing everyone who holds a fixed-rate mortgage--suckers!--and later picking on folks who collect Social Security: Get back to work, Grandma. In between, the chairman of the Federal Reserve Board scolded the big mortgage firms Fannie Mae and Freddie Mac, which make homeowning more affordable, for taking too much risk. In a couple of days' work, Greenspan went through sacred cows like an overzealous Atkins dieter...
...Greenspan's most jarring rant was his call for Social Security reform. He wants to cut future payouts and delay the age at which people can collect. He would shrink future checks by indexing annual adjustments to an inflation gauge that runs a half point below the Consumer Price Index now used. He didn't offer a new retirement age, but 70 is a nice round number...
Kucinich, who called for the resignation of Fed Chair Alan Greenspan earlier yesterday, emphasized the importance of social programs in the United States. Kucinich took issue with Greenspan’s recommendation to cut Social Security benefits, made at a hearing before the House Budget Committee yesterday, and blamed the Fed chair for not opposing White House fiscal policy...
...RETURN OF RISK AVERSION After Greenspan's rate signal, speculative investments like emerging markets and small stocks stumbled. "This may be the inflection point, where investors decide that risk is no longer a one-way bet," says Tom Gallagher, an analyst for ISI Group. Last year stocks of companies that lost money rose 132%, while those of companies that posted a profit rose just 43%. Rising rates have a way of dampening speculation and should bring safety (and sanity) back into focus. So stick with blue chips that pay a dividend. The Dodge & Cox Stock Fund is a long...