Word: fasts
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Dates: during 2000-2000
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...March, New York City mayor Rudy Giuliani epitomized the spoofing spirit of the media mafia's Inner Circle dinner. Things got heavier fast as the mayor learned he had prostate cancer, revealed he had a girlfriend, separated from his wife and nixed his prospective U.S. Senate campaign against Hillary Clinton...
...Barak is campaigning for an early election on Feb. 6 with fast-fading support in the polls. He needs a platform, something to take to the voters besides more negotiations and more violence, and peace - a peace solution from which both sides can take some finality - is it. At some point, Barak will have to bring a deal home to the Israeli parliament and face down the hawks (Ariel Sharon, for one, who is running against Barak). But until then he's got nothing to lose but his job, and without a deal he expects to lose that anyway...
...projection expects government spending to stay level, which it won't, and for certain existing tax credits to be allowed to expire, which they won't. (And a real, multi-year recession would of course make those surpluses disappear very fast.) But an extra $1.4 trillion is a heck of a lot of breathing room, and Democrats will be hard-pressed to argue that even Bush's now-enlarged proposal (it's $1.6 trillion from 2002-2011 instead of the old $1.3 trillion from 2002-2010) will break the fiscal bank...
...still won't be fast enough. If spring 2001 is indeed to be a season of recession, Alan Greenspan will have already waded in and out by the time the Bush tax cut gets to the negotiating phase. And if the landing is soft after all, then Greenspan will have saved us already...
...Greenspan has left Bush a handy platform in the meantime. A growing chorus of economists think Greenspan's last half-point hike in May was overkill, and that the slowdown is indeed happening too fast. The markets are demanding a full point of interest rate cuts from the Fed chairman in the next six months, and many expect him to begin with a surprise, pre-FOMC-meeting cut in the next few weeks, coming perhaps as soon as the next unemployment figures, due out in early January. That would only help Bush set a properly gloomy mood...