Word: trillion
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...office for Dad, is in line to be the domestic policy chief. Economist Larry Lindsey, who did policy for W.'s father before being named to the Federal Reserve Board, is the favorite to take over the Economic Policy Council. Lindsey is the father of Bush's $1.3 trillion tax-cut plan; Bush must soon decide whether to try to pass it, toss it out or enact it piece by piece...
...time to be an old-economy guy. As the newfangled tech folk wallow in the remnants of their self-inflated bubble, Bush the oilman is primed to talk about old-fashioned Republican virtues like reduced government regulation, cheaper energy, smaller government and increased privatization - and, of course, a $1.3 trillion tax cut. It's all aimed at increasing the flow of capital and putting more spending money in American wallets...
Doing so may not be as tough as some expect. The economy is slowing, so a new Congress will be more inclined to provide some kind of stimulus. And the projected 10-year surplus of $4.6 trillion, including Social Security funds, could jump $1 trillion (new estimates are due next month). That would leave more room for tax cuts...
...panelists agreed that gridlock would consign such bold but risky plans as Bush's proposed $1.3 trillion tax cut to the campaign-promise trash heap. "There won't be any huge tax cuts or entitlement programs, whoever becomes President," says Bruce Steinberg, chief economist for Merrill Lynch. "That means the budget surpluses should remain extremely large, and the national debt will continue to be paid down--all of which is friendly to financial markets...
...investor psychology, it has turned circus-freak ugly. Not a serious buyer in sight. Cash is piling up in money funds, which stand at a record $1.8 trillion. Cash at stock mutual funds equals 5.3% of assets, up from 4% in March. Yet to bulls, these stockpiles represent buying power ready to push prices higher. "I've never seen so many people on Wall Street talking to so many other people on Wall Street trying to figure out what's happening," confesses John Manley, a market strategist at Salomon Smith Barney...