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...Such times complicate the standard central-bank playbook - which includes the seminal Taylor Rule. Proposed by Stanford economics professor John Taylor in the early 1990s, the Taylor Rule provides a formula for raising and lowering policy rates based on two variables: whether inflation is above or below the central bank's target, and whether economic growth is above or below its "full employment" potential. If inflation is at target and the economy is operating at full employment, then the Taylor Rule says that the central bank should set the overnight interest rate at a fixed "neutral" level, which Taylor estimated...
...clear that even these aggressive actions will be sufficient to avoid a major U.S. slowdown or recession, given the deadweight of the sinking housing market. With the standard playbook and tools like the Taylor Rule less relevant to the immediate challenges at hand, central bankers are finding themselves looking at stock and bond markets to help them decide what to do. The markets in turn are looking back at central banks, trying to guess how monetary policy will affect asset prices. It reminds us of the early Ozzy Osbourne lyrics: "You, looking at me, looking at you .../ I know...
...Gianfranco Girotti, the No. 2 Catholic official in charge of confessions and penitence, told the Vatican's newspaper, "You offend God not only by stealing, blaspheming or coveting your neighbor's wife" but also by polluting, cloning, taking drugs, promoting social injustice or becoming obscenely rich. Where the standard sins are individual failings, in a global culture sin is social. "Attention to sin is a more urgent task today," Girotti said, "precisely because its consequences are more abundant and more destructive...
...happens, the broadest distributions occurred from 1998 to 2001, a period marked by nosebleed stock valuations. The 10-year expiration on those grants is near, and the NASDAQ is still at just half its peak level, while the broader Standard & Poor's 500 has barely gotten back to even. Grants made in 2000 alone represent lost value of $150 billion, with virtually no chance of recovery, says Ira Kay, an executive pay consultant at Watson Wyatt...
...People at Moody's and Standard & Poor's are used to catching flak when debt markets blow up. Why didn't they see the bankruptcy of California's Orange County coming in 1994? Why did they fail to account for the currency risks brewing in Thailand and Indonesia and South Korea in 1997? And how was it that they were still rating Enron's debt as investment grade four days before the company went belly...