Word: slowdown
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...even went so far as to say that while "the risks would seem to remain mostly tilted toward weakness in the economy," he saw "no evidence" of inflation. That's the other half of the equation - the green light for the Fed to cut rates into a slowdown without fear of stagflation. And Greenspan even took this Fed boilerplate up a notch, expressing what sounded like frustration that despite the Fed's six rapid-fire cuts in short-term rate targets, "most long-term rates have barely budged." Translation: Come on, bond market - I don't see inflation...
...This is man who has thrown six interest rate cuts totaling 275 basis points into the gaping maw of this slowdown, and he hasn't heard back from any of them yet. The data rolling in has gone from "unrelentingly bad" to "mixed," yet the Fed still doesn't know when its rate-cutting days are through. And though history seems likely to find that merely avoiding a recession after that global-sized Internet bubble-burst is a pretty impressive feat, Greenspan is still hearing from critics that he may have delayed the recovery by waiting until last January...
...They've done it so far. Consumers and their spending (led recently by auto sales) have remained surprisingly upbeat throughout this slowdown, and so far it looks like the almighty American shopper will be successful in keeping the U.S. out of a recession. But economists are starting to worry about "the consumer collapse," in which unemployment finally gets too scary for Americans to go on like they have and not tighten their belts just a little...
...does appear as if the second quarter will be the bottom of this slowdown. The crucial question is if consumers will continue to spend at least as much, if not more, as they have been for the first half of the year. They've been the heroes so far. And there's nothing in the numbers yet that says they won't continue...
...business is brisk. Attendance at fixed-site amusement parks has been rising steadily from 253 million in 1990 to 317 million in 2000; despite some reported economic slowdown-related softness at long-distance attractions like Disneyworld, the average park does its business with folks who travel less than 150 miles to get there, and is doing just fine...