Word: kadlec
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...Daniel Kadlec covers Wall Street and personal finance for TIME. He appears each Tuesday on CNNfn...
...those figures were bad. On Thursday the government reported that the labor index had its largest single-month increase in eight years this March. "The labor cost index has been going up in fits and starts for a couple of years," notes TIME Wall Street correspondent Dan Kadlec. "That's something Greenspan watches very closely. He's been concerned for years that the low unemployment rates will lead to workers' demanding higher wages, and then prices will go up across the economy...
...that, to Greenspan, is anathema. "The latest thinking," says Kadlec, "is that he'll bump interest rates 50 basis points, as opposed to the usual 25, and that he'll continue to raise rates for the foreseeable future. Come late May, when these rate hikes seem inevitable, the Dow will inevitably buckle, and I think the NASDAQ will follow." Kadlec also warns of a false sense of security. "People are kidding themselves if they think this market has become safe again," he says. "The market has stabilized in the past two weeks and people have very quickly become complacent again...
...Microsoft is sort of a big excuse for what's happening on Wall Street," says TIME Wall Street analyst Dan Kadlec. "What we saw today, and really for the past week, is simply a reversal of what happened early in the year. For a long time these stocks were going up just because they were going up. Well, all of a sudden things were going down just because they were going down...
...there is good news. "Considering how strongly the market rebounded Tuesday, it looks as though we have seen the bottom of this thing," says Kadlec. "Especially the technology blue chips - they all came back strongly. But the dot-coms now really seem like they're broken for good...