Word: lindsey
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...about the economy could be so entertaining? During the past year, as the Bush Administration has wrestled with how to handle the downturn, the leaders of its economic team have often bickered so openly that aides have found themselves struggling to suppress snickers. Bush's top economic adviser, Larry Lindsey, and Glenn Hubbard, chairman of his Council of Economic Advisers, don't just tug at each other over whether or how to combat the slide in the stock market. They like a good roll in the dirt over such issues as the definition of a market bubble. Says one spectator...
...welcomed Saddam's move. Foreign markets and the Dow futures indicate that Wall Street is set for a stellar day, while oil prices fell sharply on the prospect of avoiding war with Iraq. Seems like the markets may not be entirely in agreement with White House economic adviser Lawrence Lindsey, who said in comments reported Monday that even though a war may cost the U.S. up to $200 billion, it would be good for business...
Bush's distrust of financiers and faith in CEOs determined his economic team. The month before he took office, he told TIME that he viewed economists as he did "accountants--you hire them." Bush "hired" Lawrence Lindsey, a former Federal Reserve governor, for the backstage role of national economic adviser. And he chose Glenn Hubbard, an economics professor, as chairman of his Council of Economic Advisers. But for the out-front post of Treasury Secretary, Bush chose the CEO of aluminum giant Alcoa, Paul O'Neill, whose skepticism about investment bankers mirrored...
...doesn't help that Bush's economic advisers don't play well together. Disputes among Lindsey, O'Neill and Hubbard have become so acrimonious that they have begun seeping out of this famously buttoned-up White House. Lindsey can roll his eyes when asked about O'Neill's latest unscripted remark. And according to allies, he has complained that Hubbard's status quo views have persuaded the President to reject as interventionist even modest new policy steps. The President's top economists, says a senior Administration official, "disagree on the analysis before they ever get to the remedies...
...economy, on paper at least, is chugging along. "Wages, employment, housing, retail sales--they all suggest a very solid economy," Lindsey told TIME. Why get in the way of that? It's a view Greenspan also articulated last week. But the Bush team's inaction is drawing unfavorable comparisons with President Clinton's team of Treasury Secretary Robert Rubin, a Wall Street star, and Larry Summers, the high-wattage Harvard economist. Yet, as a Bush adviser notes, Rubin didn't meddle either and got help from a bull market: "When people were getting 25% return on their investments...