Word: inflationitis
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Everywhere you turn these days, there's cause for panic. The news is filled with talk of a global credit crisis. American homeowners are defaulting on their loans and housing-related stocks have crashed. The dollar is doing a disappearing act. Alan Greenspan, after years of artful obfuscation, has suddenly...
Paying for health care means accepting uncertainty. Even with insurance, it's impossible to know when a sudden illness or accident might turn a family's finances inside out. Corporate America has learned its own version of that lesson. When General Motors first offered health-care benefits for its retirees...
So is Alan Greenspan really the root of all economic evil? Uh, no. By general agreement, the main jobs of the Federal Reserve are to halt financial panics before they spiral into depressions and to keep inflation from getting out of hand. The Fed has failed miserably at each of...
The very success of the Greenspan years at the Fed, though, created a new set of problems. One was that investors and lenders, convinced that inflation and depression were no longer serious threats--and that the chairman would bail them out of any trouble they stumbled into--became heedless of...
Federal Reserve Chair Ben S. Bernanke ’75 and the Federal Open Market Committee voted to slash the target federal funds rate, the overnight rate at which banks can lend to each other, by half a percentage point yesterday to four-and-three-quarters percent—a...