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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We've been able to achieve great things amid great challenges- including the stock market crash of 1987, the bursting of the stock bubble in 2000, two wars and the September 11, 2001, terror attacks. Alan Greenspan might be thought of as our most valuable economic player.
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The pool of available labor is diminishing and worker efficiency is growing more slowly. This adds up to a higher level of pressure on wages, and, by inference, on inflation.
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There are a lot of cross currents out there ... but overall the report suggests the job market is still doing pretty well.
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Outside of Detroit -- and outside of the gulf region -- there are signs that the economy is still doing very well.
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Our guess is that long-term rates will begin to drift up later this year, albeit modestly.
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While companies have bigger stacks of chips to play with, they still remain hesitant to put many of them into the pot.
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While auto sales make up a small share of GDP, they make up a big share of the change in GDP, ... As you see changes in the auto industry, it will contribute to headline economic growth numbers.
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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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Even with zero-percent financing, monthly payments for SUVs are still high, ... Consumers being willing to pay that much makes a positive statement about their sense of financial well-being.
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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.
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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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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.