Word: sectored
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...week after Christmas, and all through the retail sector, businesses hope that something a little more is stirring. Businesses, in fact, are hoping that the 2000 holiday shopping season isn't over - but that it's just getting ready for its second...
Card worked last week putting the finishing touches on a team of West Wing veterans from the last time around, junior advisers who have all spent eight years in the private sector, made some money, and are ready to move up a couple of notches. Josh Bolten, who toiled in the Trade Representative's office for Dad, is in line to be the domestic policy chief. Economist Larry Lindsey, who did policy for W.'s father before being named to the Federal Reserve Board, is the favorite to take over the Economic Policy Council. Lindsey is the father of Bush...
...year 2000 was also a good one for spin in the private sector, where it goes by the name of marketing. For intellectual-integrity buffs, marketing has an advantage over political spin: you can often design the product around the sales message. In other words, reality can come to you. You don't face the Hobson's choice of either following reality wherever it leads (which can put you off-message) or plunging into disingenuousness. But in the age of spin, who is dainty enough to care about the connection between an advertisement and the product it is intended...
...Which it might. This could be the real thing - if not a recession, then at least some extended humdrums of 2 to 3 percent growth. Even if the tech sector can bottom out soon and adjust its expectations accordingly, there'll be no 43 percent runup in 2001, and no gold rush to go with it. And with no "wealth effect" for consumers and no market magnet for international investment, America's imperviousness to global slowdowns should be greatly reduced...
...Greenspan will do what he can, which is cut interest rates, and it's likely to work. He can't bring back the tech sector to its former glory, and neither can Bush, but a few interest-rate cuts might juice up the Dow and put some money back in the system for business borrowers. For Bush, the prospect of a big across-the-board tax cut is more attractive than it's been in years, but he'd better make sure it's fiscally sound enough get a few kind words from Greenspan, who got the inflation-hawk bond...