Word: roach
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...back of Greenspan's interest-rate cuts during the fall. The link between the Dow and the GDP means that a major correction in the stock market could send the trio's fondest hopes into the dustbin. "They have done a masterful job so far," says Stephen Roach, a Morgan Stanley economist. "Unfortunately, in financial markets you are only as good as your last move. If Greenspan's legacy is a stock-market bubble, he will not be treated kindly by history...
...That kind of talk helped make this race a presidential grudge match. Clinton traveled to New York last week to raise $1 million for D'Amato's challenger, Representative Charles Schumer, and both the President and First Lady will visit again before Election Day. "D'Amato is like a roach," says a Clinton adviser. "He's hard to kill. You keep stomping on him, but he just scuttles away...
Such 12th-grade science is all very well, but Glenn and his fellow humans will be forgiven a few twinges of disgust and fear at the presence of the roach-o-nauts. It's less than two years since the embattled space station Mir was plagued by the presence of a single floating cockroach -- which, not surprisingly, came aboard by accident. NASA moved to calm fears Monday: "They won't be infesting space," laughed payload coordinator Rud Moe. It is, after all, worth $5,000 to the agency if the bugs check in and check out. All the same, perhaps...
...rise absolutely as well as relatively. And that is likely to happen, despite the fact that most of the economists expect inflation to quicken a bit from its current astonishingly slow pace--an annual rate of less than 1% in each of the first two quarters of 1998. But Roach's estimate of a 2.9% consumer price index rise in 1999 is the highest of the board's guesses, and Greenspan and the Fed might not find that acceptable...
...global downward spiral "should serve as a lightning rod to world policymakers--yet it really hasn't," complains Roach. But what can they do? The International Monetary Fund has exhausted its ability to keep acting as a global lender of last resort, in large measure because the U.S. Congress has failed to pass appropriations to refill its coffers. President Clinton has asked Greenspan and Treasury Secretary Robert Rubin to set up a meeting with their counterparts in 22 countries, stirring some hopeful talk of a coordinated cut in global interest rates. But Greenspan promptly denied that any such move...