80 isn't bad considering that he has more power than anyone else in the US.

 

I'd say our economy is definitely in trouble. In my business (tech), we're seeing a considerable slowdown in work. There have been numerous layoffs.

Hopefully, things will start to pick up again by the end of this year.

 

It's been bad for a while it seems. My poors stocks.

 

I doubt very seriously if Mr. Greenspan is an active market trader. I would think any investments he owns are in blind trusts due to the influence his every utterance can have on the market. However, I'm sure his honorariums (speaking fees) add up to much more than his 80K per annum salary.

He is married to NBC journalist Andrea Mitchell. An interesting, brief biography can be found at:
http://www.abcnews.go.com/reference/bios/g.../greenspan.html

[Edited by lvs2k on 05-25-2001 at 09:53 AM]

 

What trouble?

 

At a recent AMR executive conference, the majority of people there stated that the economy wouldn't start the recovery process til Q1 of next year.

Personally, I think we are in deeper trouble than that. The rest of this year will be brutal and this "mini-rally" we have had in the markets will be met with selling going into the fall...as in major bear markets. hold your collective breaths... :-(

 

s2kdan,

For all of our sakes, I really hope you're wrong.

I was really hoping for a recovery in Q4 of this year. Might need to find a new line of work.

 

i hope for all our sakes i am wrong as well. i think that typically the effect of interest rate cuts are not felt until atleast 6 months after they are implemented. however, the first 3 happened so early while we were probably at the height of "warnings season" that they will probably not be factored into the economy til nov/december.

remember, the job cuts that have been announced did not all take place on the same day... the layoffs will take place over the course of the year. couple that with lower capital expenditures of hardware/software/equipment and looks like the unemployment scene stays bad for a long time.

employment data today showed an increase of unemployment claims, revised GDP downward and falling housing starts and that paints one hell of a gloomy picture.

i think i'll go crawl up in my s2k after work... <shiver>

 

I really miss the good old days when you could buy any stocks and you will be making tons of $$$$$$...Did you know? The last time that our economy in trouble was when Sr Bush was in the office in '92. And now Jr Bush is in the office, our economy is heading South again. Coincidence? Hmmmmmmm....

 

Once Greenspan accepted his position he lost complete control over his own savings. They are now in a blind trust and he has no access to them until he leaves his job.

Based on what I have seen in the marketplace and in my job, I am less than confident about the immediate future of our economy. typically any movements in interest rates by the fed are not effective for 6 or so months afterwards. i guess we'll just have to wait and see.

as to the comment about the bush's being in control. i will attempt a small civics lesson by stating that the president does not control the economy. beyond that, i will re-state my earlier point that it takes at least 6 months for any changes to take effect. finally, the downturn of the economy can be traced back as far as Q1 2000 when clinton still held office.