Greenspan, former chairman of President Gerald Ford's Council of Economic Advisers, served as head of a Social Security reform commission during the first Reagan administration, then took over the Fed
from the great inflation buster Paul Volcker.
Inflation has been of greater concern to the Fed
and was addressed in two of the four paragraphs in its statement last Wednesday, a document whose language and content is closely scrutinized by analysts for subtle hints on future monetary policy.
This is something the Fed
already analyzes when it's trying to predict future behavior, calculate investment, and calibrate its policies.
A second critical issue is whether the Fed
and financial markets are following the best definition of inflation.
And prior to February 2004, the Fed
held interest rates at artificially low levels in order to stimulate consumer spending--home purchases, auto sales, big-ticket consumer items, promiscuous use of credit cards for incidental spending, even fast food purchases.
All in all, The Fed
is the best face that can be put on a depressing situation while still stating the facts.
Chairman of the Board, Investors' Security Trust, and author of Unlocking the Secrets of the Fed
As the amplitude began to increase, the material fed
in a uniform pattern and maintained its flow depth.
But during Greenspan's long reign as Fed
chairman, which began a few months before the 1987 stock market crash, the shroud of secrecy surrounding Fed
deliberations has slipped a bit In 1994, the powerful Open Market Committee began releasing its decisions on interest rates on the day they were made, and last year it began stating the Fed
's bias about future moves.
Scrapie was ruled out as the possible agent, as the mink were fed
no sheep parts; their meal was composed of five percent horse meat and 95 percent rendered cattle.
Calculate the freezing moduli of sections that must be fed
His likely successor is Alan Blinder, whom Clinton recently appointed vice chairman of the Fed