Word: short-term
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...Greenspan, who took over at the Fed just two months before the 1987 stock market crash, will step down on Jan. 31. By then, many believe he'll have finished his nearly two-year campaign of boosting short-term interest rates from the historic lows reached after the Internet bubble burst in 2000. If so, Bernanke would take the helm with the benchmark fed funds rate at about 4.5%, considered neutral in terms of growth, leaving him with plenty of immediate operating room-and just possibly a stock market finally getting some lift...
Beyond that, the supply of crude is not unlimited. Opening the Arctic National Wildlife Refuge or the coast of Florida for drilling, which congressional Republicans have been pushing for, is a relatively short-term fix. And the more oil that is removed, the more expensive the cost of extracting the remaining oil becomes. At some point--possibly as early as 2010--production will therefore reach a peak, though not necessarily a sharp one, and then gradually start to decline. "The problem," says Simmons, "is that the global economy and the U.S. economy are structured on the assumption that...
...sharp run-up in energy prices is "an accident waiting to happen," Federal Reserve Chairman Alan Greenspan said Monday. That's not the sound of a central banker about to start sitting on his thumbs. The Fed has been raising short-term rates for a couple years-from a fed funds rate of 1% to 3.75%. Economists expect him to keep boosting the benchmark rate to about 4.5% next year...
...control that render the process of reserving a room for an event completely intractable is, quite simply, a pipe dream. Too many different offices have control over room reservations, and the task of conceiving, lobbying for, and implementing a system is too great for such an initiative to approach short-term plausibility. Between individual Houses’ demands that their residents have first choice of rooms and the arcane regulations common among other Harvard common spaces, a centralized room reservation system is nothing but a black hole for time and effort. It would be much wiser, and simpler, to centralize...
...most disappointingly, Miller dances around perhaps the most important question raised in an examination of biotechnology research. In a society with limited resources for medical research, should we primarily fund treatments and short-term cures, such as xenotransplantation, or should we fund research for preventive measures and long-term cures, such as stem cell technology? This question is at the center of today’s debate on biomedical budgeting, and Miller gives it short thrift. Still, Miller makes us ponder several sticky questions that face all of medical research, and learning them through xenotransplantation is at least an interesting...