He is extremely optimistic on technology, its impact on productivity and the benefits it has to our economy. We believe Alan Greenspan does not see any burning need to further tighten policy, assuming the economy is slowing as it has been indicating so far.
And the signs since the fourth quarter suggest growth picking up in the first quarter more strongly than most people had anticipated. So I would say the recovery is here.
Greenspan's testimony was balanced. We believe today's remarks were enough to think that the Fed will take a 'wait and see' attitude rather than ease one last time.
It's appalling that the police department can enter into a contract that goes against the Constitution.
The new economy is very, very much alive and well. This is that healthy shakeout of Internet companies that many of us have been talking about for months. Now it's time to sift through the rubble and see what's left standing -- and what will grow in its place.
We still believe that the recession will persist through the winter, mainly because major job loss looms ahead in order to restore profit margins.
Robust growth probably won't get going until the second half of the year. The first tightening move by the Fed is unlikely to occur until late summer at the very soonest.
The manufacturing sector is still shrinking but at a much slower pace than earlier in the year.
I believe they are going to raise rates at least twice more after today.
October job loss could easily be worse. The unemployment rate is headed for 6 percent, in our view.
