Carl Tannenbaum
Carl Tannenbaum
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Eighteen years of excellence has earned Greenspan the benefit of the doubt when blame is being allocated.
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This is coming in an environment where consumers are being challenged by higher interest rates and energy prices.
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The new chairman, undoubtedly, is going to be someone that the administration is comfortable with, but I think the new chairman should take the step early on of showing that they are going to remain independent-minded.
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It's certainly surprising. I mean, all of the recent news suggested that we're going down a slippery slope toward a slower economic time.
certainty mystery
There is short-term certainty and medium-term mystery for the Fed.
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Energy costs, which act as a tax on consumer budgets, are taking a smaller bite out of consumer pocketbooks. There is, therefore, more money available to spend on other (non-energy) things.
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We seem to be continuing to defy these natural limits of the economic cycle and we should be able to push forward at a decent pace in the second half without risking inflation,
clear expecting far fear holiday looking managers purchasing sales
With holiday sales looking a little better than expectations and the Purchasing Managers Index up when we were expecting a decline, it's clear that the fear that many had that we had slowed down too far is unwarranted.
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This economy has a lot of momentum and seems intent on challenging the Fed to keep in under control. Inflation is a real risk here after six years of expansion. The Fed perhaps is taking the first step, a down payment if you will, to try and keep that under control. But it may take more than what we saw yesterday.
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After all the negative news about our trade position, our fiscal problems, our currency, our inflation rate and the Fed's credit-tightening program, long-term rates remain very, very low.
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The survey was taken in a dark week immediately after Katrina. The images (in the media) were of the type that don't makes us confident about anything.
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If they have to ring some inflation out of the system, the initial list of victims has to include housing markets. You have a risky period for consumers for the next six to eight months.
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It's a good time to make sure your debt is at a reasonable level.
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Foreclosure depresses an area in a variety of ways.