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Greenspan navigated the economy through the stock-market crash of 1987, two recessions, a global financial crisis in 1998 and the burst Internet bubble in 2000. Assuming (as most do) that the Senate will confirm him for the most powerful economic post in the world, the era of Bernankenomics will begin Feb. 1, under gathering storm clouds. U.S. deficits are at all-time highs, the housing market may be in a bubble of Greenspan's making, and we have the first real whiffs of inflation in years. How will Bernanke steer the ship? For a clue, here are five ways...
...Africa, the heart of the global health crisis. Phil has edited many stories about diseases in Africa, but he had never been to the continent. In September he flew to Rwanda to spend a few days with his longtime hero, Dr. Paul Farmer. There, he got a crash course in Third World medicine, interviewing beleaguered health officials, visiting families crowded into thatched huts and shadowing Farmer as he treated AIDS, TB and malaria patients with food and life-saving drugs. "This is how medicine is supposed to work," says Elmer-DeWitt. "After three days, I was ready to quit...
...approach is echoed in a Bloomberg interview, which also gives some insight into his manner and demeanor. The nominee certainly believes that the role of Fed Chairman can make the critical difference to the fate of the economy: In an essay in Foreign Policy, he argues that the 1929 crash could have been averted by a smarter hand on the Fed tiller...
...Greenspan, who took over at the Fed just two months before the 1987 stock market crash, will step down on Jan. 31. By then, many believe he'll have finished his nearly two-year campaign of boosting short-term interest rates from the historic lows reached after the Internet bubble burst in 2000. If so, Bernanke would take the helm with the benchmark fed funds rate at about 4.5%, considered neutral in terms of growth, leaving him with plenty of immediate operating room-and just possibly a stock market finally getting some lift...
...Hagan’s arm or Dawson’s health. Wasn’t Derek Davis’ 72-yard rush on the first place of the game a little unexpected—a little surreal—to watch unfold? “We have a crash blitz called into their reverse, and our guy misses the tackle and he takes it to the house,” Murphy said. “It was just plays here and there which made the football game, and certainly that was a big one.”Was it more...