Dallas, TX – Fed Chairman Alan Greenspan keeps it real. And reality TV keeps growing. I'm Maxine Shapiro with KERA Marketplace Midday.
You know, you really have to feel good about yesterday's comments by Federal Reserve Board Chairman Alan Greenspan. He presented his semi-annual monetary policy report before the Senate Banking Committee. Even in "Greenspan talk," it was quite clear what he was saying. Geopolitical tensions have created, and here's the quote, "formidable barriers to new investment and thus to a resumption of vigorous expansion of overall economic activity." Well, maybe it's not that clear, but in essence, as long as the threat of war hovers over this planet, the economy is not going anywhere.
You and I are not rushing to get back in the market. We're spending less and corporate America is keeping their hands in their pocket, flashing all kinds of yellow lights for the coming year. All the dividend-tax cutting in the world won't change the momentum as long as we believe our President who, come hell or high water, is going to war with Iraq. Anyone from your neighbor to the 16-year-old bag boy at the grocery store has shared the same sentiment.
Greenspan's primarily concerned with the huge deficit that would face the Treasury should the proposed stimulus package be implemented. As the Baby Boomers begin retiring, Social Security and Medicaid costs will explode. Well, maybe Alan really does understand us.
On the other end of the reality spectrum is TV. I'm so sorry I missed it last night, but maybe you were one of the lucky gazillion people that tuned into "American Idol" to view a new Kohl's commercial. A young gentleman really proposes to his girlfriend, and she won't know about it until she sees the commercial. The gentleman told the Wall Street Journal, "I didn't want it to be cheesy, I didn't want it to come off as commercial." Does that mean he didn't take money for it?
If this works for Kohl's, the reality is - we can expect more. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m. To contact Maxine Shapiro, please send emails to firstname.lastname@example.org.