Word: greenspans
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...haven't they gone up yet? If there's one thing Wall Street's stock and bond markets do incessantly, it's "price in" the odds and possibilities of every possible scenario, from Alan Greenspan's next move to Bill Gates'. This Street is paved with forecasts, what-ifs, educated bets and calibrated probabilities. With one Saddam scenario (the good one) so much conventionally wiser than the others - and at the very least a decent bet - how come stocks keep sputtering...
...comforting investment for fretting consumers and a driver of consumer spending itself, a big bump elsewhere in the economy in 2003 could be housing's downfall. If stocks roar back this spring, capital inflows could steal from the bond market, pushing up long-term interest rates. Or Alan Greenspan and the Fed could do the same to short-term rates, as a way to hit the brakes on a recovery that is heating up too fast...
...mathematical logic underpinning the plan is already stirring controversy. Hubbard and Friedman are making a huge and controversial macroeconomic bet that deficits don't matter, effectively reversing a decade of policymaking. "This Administration is trying to change the whole intellectual basis for fiscal policy that Alan Greenspan enforced when deficits were large in the early 1990s," says Mark Zandi, chief economist at Economy.com a research firm. "We got fiscal discipline through the idea that deficits matter. That's been flipped on its head...
...Greenspan and Clinton Treasury Secretary Robert Rubin felt that large deficits force interest rates higher because the government is competing with private businesses for funding. And higher interest rates, they thought, act as a drag on both the economy and the stock market. Hubbard dismisses that position, noting that no research conclusively links interest-rate increases to bigger deficits. He says rates will move up just .03% for every $200 billion of debt, or .22% for the $674 billion projected added debt. It's a small enough price, he argues, for growth that might lead to increased revenues that will...
...Aaron J. Greenspan ’05, the student responsible for launching the site, was also the driving force behind this fall’s lecturer-swap in Economics 1010a, “Microeconomic Theory.” Greenspan managed to amass a persuasive stack of complaints about Lecturer of Economics Robert H. Neugeborn ’81 after Economics Department Chair Oliver Hart told The Crimson, “If one person complains and no one else does, we’re probably not going to respond. There has to be some sort of critical mass...