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.
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.
bit remember stick until wait washington
I remember thinking, man, if you think that's problematic, wait until you stick around Washington a little bit longer.
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.
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.
appear committee concerned federal labor market markets official open prospect speeches statements strong testimony wage
The Federal Open Market Committee does not appear from any of its official statements or from the speeches and testimony of its members, to be concerned about excessively strong labor markets or the prospect of wage inflation,
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.
concern contrast labor past using
They are not using that possibility as a justification for their tightening campaign, in contrast to past years when there was a lot of concern about tightening labor market.
belief collective concerned confident contain eventually fed good indicate inflation job manageable markets shoe sort sustained true yields
The yields indicate that markets aren't concerned about inflation or that they're confident that the Fed is on the job and will contain it. But there's some sort of subconscious, collective belief that sustained manageable inflation is too good to be true and eventually the other shoe will drop.
certainly deep impact
It's certainly unpredictable as to how long this is going to go, and how deep it is going to be and what the impact will be.
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.
basic concern gut level obvious ordinary ties
At a basic and obvious level, it ties into gut level concern of ordinary people.
chance flexible gives rather term
It's a rather flexible term that gives them the chance to take many different actions,