Tom Schlesinger
Tom Schlesinger
consensus credit greenspan orthodox thinker
Greenspan is an orthodox thinker in most ways, but you have give him credit for questioning consensus thinking.
bogged debate fed inflation internal merits targeting unhealthy
It would be unhealthy for the Fed to get bogged down in an internal debate about the merits and demerits of inflation targeting if it prevented
beginning bubbles bursting crash effect historic hit housing impossible local loop market obviously people save seem stock thrown views
People got thrown for a loop by the stock market crash at beginning of the decade. It doesn't seem impossible that local housing bubbles bursting would have an effect on people's views of savings. Obviously consumption would take a hit if people save at the historic rate.
basic concern gut level obvious ordinary ties
At a basic and obvious level, it ties into gut level concern of ordinary people.
anyone breadth business came certainly community dealing experience frequently greenspan guys hear ivory job mentioned past tower
It'd be fascinating to hear what he thinks, if he'd actually tell you. The guys who are most frequently mentioned for the job are all ivory tower types. I don't think anyone has the breadth and experience dealing with the business community as Greenspan did when he came on the job. Certainly they don't have as much experience as he accumulated in the past 17 years.
certainly concern facts fed inflation markets previous public respond surprising
Certainly the Fed has voiced more concern over inflation for public consumption that it has in previous years, so it's not surprising that markets would respond accordingly. It just really doesn't jive very well with the facts on the ground.
break bush free good group hand job narrow terms using
Bush has done a good job of using his free hand to break from a narrow group of selections in terms of background.
behind bet given greenspan measured others present signals terms trapped
I would bet anything they rue the day they got trapped into these terms like measured, patient. The signals Greenspan and others have given is that measured still the way they want to present their stance. It's now measured with a 'but,' behind it though.
chairman champion employment fed given impact nervous next picking potential
I would be nervous about picking an inflation-targeting champion as my next Fed chairman given the potential impact on employment growth.
boundaries fed forum gone issue ought public sure talking worth
More than any of his predecessors, he has gone public with every issue under the sun. I'm not sure there's a right answer, but I think it's worth talking about in a public forum what ought to be boundaries of the Fed governors' comments.
effect fed hard political watching
What the long-term effect that has on the Fed as a political institution is one of those things we'll be watching closely. It's hard to tell where it is going to lead.
common difficult finances governor personal resembling solar touch
It's more difficult for a governor to have anything resembling a common touch if their personal finances are in a different solar system.
certainly clear complete darned determined disclose fact fed infamous open quiet
It's quiet clear in the infamous '92, '93, '94 period, the Fed was pretty darned determined not to open up and certainly not to disclose the fact it had these complete transcripts.
abandon approach banks central countries fed recent successful time wonder worked
It will come at a really interesting time because the Fed has been so much more successful in recent years than central banks in countries that favored a more rule-oriented approach. One has to wonder why the Fed would abandon the approach that has worked so well.