Word: short-term
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...site runs 1 billion page views a month--as many as Amazon.com--with just 14 employees. Instead of doing market research to plot strategy, Newmark and Buckmaster rely on customer feedback, using it to drive every decision from what city in which to launch next to how to categorize short-term gigs separately from part-time jobs. The result? Without any advertising, Craigslist attracts as much traffic to its job listings as Monster.com...
...head off scenarios that are exceedingly remote but, in the worst case, could do extreme damage. Concerned last year that growth was not taking hold despite large tax cuts and worried over the slim possibility that the economy could slip into a deflationary spiral, he opted to cut short-term interest rates to 1%, their lowest level since 1958. "His policy was to move aggressively to pre-empt the chance that this small-probability event would ever take place," says Roger Ferguson, the Fed's vice chairman. "The reward was to avoid any likelihood of deflation or economic collapse...
Over the years, Greenspan has shown a knack for forecasts that have pleased Wall Street and Main Street alike. In mid-September he raised short-term rates one-quarter of a percentage point amid mixed signals on the economy. Growth is relatively robust, despite high energy prices, fears of a housing bubble and spots of stubborn unemployment. This time Greenspan was betting not just that the good news would prevail but also that America might soon confront the risk of renewed inflation. Greenspan is fond of noting that his job involves the study of how human beings react...
...fear and isolation as the enemies of change. “It’s easy to create self-fulfilling prophecies of despair,” he said, especially when people don’t have the broader perspective of history, but rather only the immediate results of short-term activism...
...When short-term shocks do threaten to raise prices noticeably, people have a way of getting pissed, and the administration is usually quick to take action. Only four months ago the President refused to tap into the nation’s Strategic Petroleum Reserves, arguing that doing so “would put America in a dangerous position in the war on terror.” But Bush changed his mind after Hurricane Ivan disrupted oil imports. It was probably the right policy move on the merits, but let’s not fool ourselves about the administration?...