Tom Schlesinger
Tom Schlesinger
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.
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.
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.
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.
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.
bright chairman commenting directly draw drawn fed hearing issues line might related seen
He might try to draw a bright line in the hearing - say that he won't be drawn into commenting on issues not directly related to the Fed's responsibilities, ... We'll have to see how that plays. It is important that the Fed chairman be seen as independent.
price prove tough
As a group, they will have a sense they have something to prove and that what they have to prove is they can be tough on price stability.
alan anyone chairman fed greenspan purpose seldom
He's Alan Greenspan all purpose sage, ... He seldom has anyone tell him, 'Why don't you be more like Fed chairman of the past?'
consensus credit greenspan orthodox thinker
Greenspan is an orthodox thinker in most ways, but you have give him credit for questioning consensus thinking.
academic clear students
He does have an academic background. He had to make things clear to undergraduate students, even if they were undergraduate students at Princeton.
call leaves magician people policy political
There will be a perceptible political call by people for a more rule-bound policy after the magician (Greenspan) leaves the stage.
chance flexible gives rather term
It's a rather flexible term that gives them the chance to take many different actions,
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.