Word: greenspans
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...That note fit in rather neatly with the one-word recovery forecast that's been settling on the tongues of investors all week: anemic. Alan Greenspan is largely responsible, writing in the Wednesday-released "beige book" that yes, the recovery was coming, but it might not be anything spectacular. The lack of business spending is particularly worrisome, the consumers' part hard to take for granted, the labor market still "slack" (meaning unemployment may stay up for a while). Energy costs are staying up, and manufacturers' willingness to upgrade their equipment remains limited...
...CRAMER VS. CRAMER: Kirkus is bullish about "Confessions of a Street Addict" by James J. Cramer (Simon & Schuster; May 13), giving it a starred review. "Wall Street's most notorious bull bares all in this typically over-the-top memoir. If Alan Greenspan was the superego of the '90s economy, Cramer was surely its libido. This memoir hopscotches between his trademark hyperbole and a peculiar form of self-abnegation (he never seems happier than when flagellating himself). Wall Street-savvy readers will particularly enjoy Cramer's blow-by-blow account of the late-'90s market. The IPO for Cramer...
Moynihan is the first non-economist to give the commencement speech since former Irish president Mary Robinson’s 1998 address. Federal Reserve Chair Alan Greenspan, Nobel Prize-winning economist Amartya K. Sen and former Secretary of the Treasury Robert E. Rubin ’60 were the last three speakers selected...
...then there's the Fed, for who a virtual tax on consumers and businesses means only one thing - higher prices, without higher profits or faster growth. High energy costs will force Alan Greenspan to step in with interest-rate hikes much sooner than he would like in order to control prices and avoid that 70s bogeyman, stagflation. The very thing that is helping the Middle East push those energy prices up - the nascent U.S. and global economic recovery - could be those price hikes' first victim...
...modern business cycle really is tamer than it used to be, if the economy is now able to roll with the most horrific punches with its expansion more or less intact, it now seems that even more than Greenspan's rate policy or businesses' New Economy agilities, the modern American consumer deserves the lion's share of the credit. Trouble is, we may be about to find out that the first New Recession - the kind we're not even sure happened - may come with a New Recovery that's equally undramatic...