Word: quarters
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Dates: during 2000-2000
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...Rumsfeld, 68, had the stature - he ran the Defense Department for Gerald Ford a quarter-century ago, and he's served four Republican administrations going back to Nixon. And he's got the pedigree. He dealt with low military morale in the wake of Vietnam, has held posts up and down the military and economic policy chains, and sees eye to eye with Bush on a missile defense. He even signed a letter in November criticizing Vice President Al Gore for agreeing in 1995 to Russia's sale of military equipment to Iran...
...markets, for whom things look plenty dire right now, are expecting just that, and have already begun the process of pricing in a quarter-point cut. That'll help share prices in January, which could help raise consumer spirits and eventually get businesses borrowing and growing again. But the effects of rate cuts - and any tax cut Bush can slide through - will be strictly psychological for the better part of a year...
...straight man's world--in a sense, he was the most real, least stereotypical gay "character" on network TV. And he didn't check his cockiness on Pulau Tiga. Posing for TIME, he vowed, "This is not the end of my 15 minutes." We'll check back in a quarter-hour, Rich, but nicely played...
Sales are running below expectations, and jittery merchants--most of whom make a quarter of their annual sales during this critical time--are slashing prices earlier than ever before. Apart from the Barbie Volkswagen and the Sony PlayStation 2 game machine, there aren't many must-have items. And when consumers do spend, it is increasingly for services--such as trips, parties or a day at the spa--not for old-fashioned goods. "Shopping as bingeing is over now," says Kurt Barnard of Barnard's Retail Trend Report. "Consumers won't buy frivolously or on a whim. They...
...recession yet, and we may well avoid the textbook version--consecutive quarters of negative real gross domestic product. But the economy is slowing so fast that it feels like a recession. Six months ago, real GDP was growing at a 5.6% annual rate. Goldman Sachs estimates that it will slow to 2.7% this quarter and 1.5% next. That's one of the fastest decelerations ever. Inflation is low, so the Fed has room to cut rates and maybe stave off anything terrible. Still, it looks like lean times ahead...