Word: short-term
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...clear point of accord was that the era of cheap energy is over. On Tuesday, the IEA released its medium-term oil market report at the congress, predicting a lessening of demand in the coming 18 months, but an increase after that. "There will be short-term improvement," says Tanaka, "but after that there will be a tighter market until 2013. Demand will go back up in 2010, and although the supply side is growing, it's not as much as we want...
...those kinds of things don't directly address today's pressing economic problems. So Obama has had to come up with three short-term fixes: a $50 billion fiscal-stimulus program, much of it devoted to extending unemployment insurance beyond the current 26-week limit and helping struggling state governments; an aggressive foreclosure-prevention effort, with $10 billion in funding; and a tax cut for Americans making less than $150,000 a year, to be financed with tax increases on those making more than $200,000 a year. These add up to what you could call the stock Democratic response...
Michael Seton, a managing director in the New York office of German-based property lender Eurohypo AG, said foreigners view the U.S. market as a long-term investment. "They're less rattled by the subprime crisis and short-term gyrations in the market," Seton explains. "Their horizon is longer, which in the end is good for the real estate business. These are properties that are meant to be held onto." The new Italian owners of the Flatiron say they're in for the long haul and plan to seek city approval for a new project to illuminate the exterior...
...Raleigh speech kicked off a planned two-week push by the Obama campaign on the economy - most of it taking place in battleground states that went for Bush in 2004. This week he's talking mainly about short-term fixes "to help working families who are struggling to keep up"; next week, his aides say, the focus will be on the long run. The latter plays to Obama's strengths, as he can wax eloquent about the nation's need for investment in education, infrastructure and clean energy. For now, he and his advisers are reciting the details...
...Another reason is the performance of monetary policy. The Federal Reserve and other central banks have learned the lessons of the 1970s. Because monetary policy works with a lag, the short-term inflationary effects of a sharp increase in oil prices can generally not be fully offset. However, since Paul Volcker's time, the Federal Reserve has been firmly committed to maintaining a low and stable rate of inflation over the longer term. And we recognize that keeping longer-term inflation expectations well anchored is essential to achieving the goal of low and stable inflation. Maintaining confidence...