Word: rocketings
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...your house on Cape Cod and found Fed Chairman Alan Greenspan on one line and worried Russian reformer Anatoli Chubais on the other. Oh, how she thrilled over that! The phone rings, and because you are the Deputy Secretary (and happen to be one of the few rocket-scientist economists not trying to create a black box to make deviously complex trades on Wall Street), you pick up the receiver. "This is the Treasury operator," the woman on the line says, and though she doesn't say it, what she could say now that she has you all connected...
...Greenspan, the data-loving analyst with government roots sunk back into the financial and moral chaos of the Nixon Administration, and a shaman-like power over global markets. Rubin, the Goldman Sachs wonder boy who ran the firm's complex and dangerous arbitrage operations and then led it to rocket-ship international growth. And Summers, the Harvard-trained academic who is invariably called the Kissinger of economics: a total pragmatist whose ambition sometimes grates but whose intellect never fails to dazzle...
Summers, who was the youngest tenured professor in Harvard history, was every bit as much a rocket scientist as the economists at LTCM. But Greenspan says one of the keys to Summers' success in Washington is his ability to unlearn much of what he once taught. "Larry has one overriding virtue: he is very smart," Greenspan explained one afternoon last week, as a springlike day cooled into night outside his Washington office. "And unlike people who are smart and believe they are smart, he is open to the recognition that a lot of what he thinks is true...
There is no more Michael. Scottie is a Houston Rocket. The Chicago Bulls' dynasty looks more like the Ulysses S. Grant Junior High team than a professional squad...
...suggests a stunning espionage effort being coordinated from Beijing, whose spy rings have been stealing secrets in the U.S. for 20 years. The congressional committee set out six months ago to probe allegations that two U.S. aerospace companies, Hughes Electronics Corp. and Loral Space & Communications, provided China with critical rocket-design information that helped improve its ballistic missiles. The committee concluded that they had. But as the panel dug deeper, "we were quickly led to far more serious problems," says its Republican chairman, Representative Christopher...