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A one-person theatrical presentation that deals with
diversity and multiculturalism in America today
Thursday, April 10, 2003
8:00 p.m. • Rudder Theater
FREE!
Post-show to follow with the performer - Fran DeLeon
Presented by: Texas ASM University Libraries, Department of Multicultural Services,
Pace and Ethnic Studies Institute, MSC Current Issues Awareness
HEB - Corporate Sponsor
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10
Tuesday, April 8, 2003
NATIO
THE BATTALK
Greenspan hunts for recession cur
Fed piecing together economy plan
By Martin Crutsinger
THE ASSOCIATED PRESS
WASHINGTON
Confronting new fears of
recession, the Federal Reserve
is refining an emergency eco
nomic rescue plan that includes
further interest rate cuts and
billions of dollars in extra cash
for the banking system.
The Fed’s effort would be
aimed at pulling the country out
of a nosedive that has seen
465,000 jobs evaporate in just
the past two months, raising
fears among economists that the
weak recovery from the 2001
recession is in danger of stalling
out altogether.
“Clearly, the Fed is in
uncharted territory,” said econo
mist David Jones. “I think they
will try some experimental
moves.”
One key element hasn’t
been used successfully in a
half-century.
Based on comments by
Federal Reserve Chairman Alan
Greenspan and other Fed offi
cials, the central bank is expected
to move beyond its traditional
buying and selling of short-term
Treasury securities held by banks
to the direct purchase of longer-
term securities in an effort to
influence long-term interest rates.
Also, Fed officials have indi
cated they are prepared in the
event of an unexpected shock to
the system to lend massive
amounts of money directly to
commercial banks to make sure
that financial markets do not
freeze up.
And as a third policy option.
Fed officials have indicated they
would explicitly state that if the
federal funds rate is moved below
its current 41-year low of 1.25
percent, it is likely to stay at the
lower level as long as needed to
get the economy on its feet —
which would help investors’ wor
ries about a sudden jump in inter
est rates down the road.
The fact that Fed officials
have been so open in discussing
these options underscores the
need the central bank sees to
restore investor confidence that
has been shaken by the fact that
the Fed’s aggressive two-year
campaign to cut short-term rates
has yet to produce a sustainable
economic recovery. The Fed’s
target for the federal funds rate,
the interest that banks charge for
overnight loans, is now at a 41-
year low of 1.25 percent.
“The Fed is trying to buck up
fragile confidence,” said Mark
Zandi, chief economist at
Economy.com. “They know that
everyone is asking the question:
what can be done if the U.S.
economy slides back into a reces
sion and it ignites a deflationary
cycle?”
Greenspan in a speech in
December in New York noted
that the Fed from 1942 to 1951,
as part of an agreement with the
White House, successfully
capped long-term Treasury yields
at 2.5 percent as a way to hold
down borrowing costs to finance
World War II.
However, private economists
note that a later Fed effort dubbed
“Operation Twist” — in which
the central bank sold short-term
Treasury securities and bought
long-term securities in the early
1960s in an effort to influence
rates at both ends of the yield
curve — was judged to be a fail
ure because the central bank did
not make the transactions in large
enough amounts.
“If you want to produce
results, you have to convince
markets that you are serious and
will do whatever it takes to alter
the rate structure,” said former
Fed board member Lyle Gramley.
The Fed made just such a
massive response on Sept. 12,
2001, the day after the terrorist
attacks, when it lent a record $46
billion to banks in a single day to
keep the financial system func
tioning.
Fed officials have indicated
that their battle plan has been
influenced heavily by reviewing
the mistakes made by the Bank of
Japan, which has been unable to
jump-start that country’s econo
my over a decade despite driving
short-term interest rates to zero.
Fed officials believe the Bank of
Japan’s biggest mistake was
being slow to respond after that
country’s real estate bubble burst
in the late 1980s.
Vincent Reinhart, the Fed’s
top monetary policy staffer, told
an economic conference recently
that the Fed is striving to act pre-
Wall Street’s
latest battle
On Monday, late-day profit-tab
left stocks just modestly hig
Dow, daily dosings
8.700 —-
War begins: 8,286.60
8.500
8,300
he mos
aspect (
is not tl
merica has
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arge multina
hat assemble
ecretary of I
umsfeld’s st
willing disr
Currently.
ountries froi
he White Ho
“includes n
lobe.” Did si
he list certa
emptively before falling pt
become entrenched.
“The best policy fordea l
with deflation is to ml
strenuously by acting pre^
lively,” he said.
Because of this, someei;
omists believe the Fed willi
Japan. The li;
Itrong countr
Bingapore am
However,
epresentatm
... .. , ladextremel’
wait until its May 6 meeti heirelected ;
put its plan into effect, op:
to cut the federal funds:
through an emergency coit
ence call, possibly as soot
this week.
Fallen U.S. soldiers mourned
Continued from page 1
By Laura Wides
THE ASSOCIATED PRESS
LOMITA, Calif. — The Guatemalan
national anthem rang out Monday as mourn
ers gathered to remember Marine Lance
Cpl. Jose Gutierrez, a 28-year-old immi
grant who was posthumously awarded U.S.
citizenship after he was killed in combat in
Iraq.
Gutierrez’s family and fellow Marines
met his flag-draped casket at the entrance to
St. Margaret Mary Alacoque
Catholic Church.
Gutierrez was said to have
been 14 when he came to
America in the 1990s, hitch
ing his way on trains through
Mexico to California. He had
told officials he was bom in
1980, and was allowed to stay
in the United States under a
program designed to help
minors. Later, documents
were located in Guatemala
that list his birth date as Dec.
1, 1974.
Cardinal Roger Mahony
a
If anybody could
protect this
country... it would
be Brad.
told mourners they were remembering “a
great man with much courage who gave his
life for his adopted country.”
Gutierrez had promised his sister he
would one day bring her to America, too.
She finally arrived, but only to attend his
funeral, and when “The Star-Spangled
Banner” was followed by Guatemala’s
national anthem, she broke down and cried.
Mahony offered prayers and support
to Gutierrez’s sister and his “wonderful
foster family.”
Gutierrez was killed March 21 in a battle
near the Iraqi port city of Umm Qasr. He
was one of the first members of U.S. forces
killed in the war.
After finding his way into the Los
Angeles County foster care system,
Gutierrez became a soccer player, graduated
from high school and took courses at a com
munity college. He talked of becoming an
architect, but he told his foster family he
joined the Marines because he wanted to
give back to the United States.
Gutierrez received
posthumous U.S. citizenship
April 2. His body will be
returned to Guatemala for
burial.
Elsewhere:
—In Hobart, Ind., about
100 youngsters lined a street
holding American flags
Monday as the hearse passed
by carrying the coffin of
Army Cpl. Greg Sanders, 19,
a tank gunner killed in com
bat March 24. “I’m honored
and proud that Greg died
protecting our way of life,”
Jnited States
ace. All thesi
Itates, but on
’oland and S
iccording to
von’t even b<
According to
ially denied
ave revealed
orces curren
unabasl* ]i e( j a su b m;
McNamara was relentless,
hoisting shots from 23, 24, 25 feet and: ubmarine in
ing almost all of them. By the end of the 7 if these
half, he was 6-for-8 — his season hip ijicuious eni
and the Orangemen led 53-42. The 53 humorous,
the most points scored by one teamsj
first half of a title game.
But was McNamara the best playei
there?
Ask any of the three or four playersi|
had the task of guarding Anthony, theFfj
Four’s Most Outstanding Player, aftetf
took passes at the top of the key. A
— Kelly Holland
friend of Sgt. Bradley
Korthaus, Marine Reserve
killed in combat
here, a dribble between the legs there, a
or a pull-up 3-pointer — nothing wasoi
the question with this guy, and very little
was stoppable.
Before his back started acting up. Anti
look destined to join Dwyane Wads
Marquette as the second player with ati
double in this year’s tournament. As it
he finished three assists shy.
Even with Anthony struggling down
stretch, Kansas couldn’t play catchup
[
X
t has been
enough to tie or take the lead. A great chi )eace deals
came with 14 minutes left when, trailing
58, the Jayhawks picked off a bad pass! vhich is lam
started rushing downcourt. But
Sanders’ uncle Rick Knight said during a
funeral Mass. “Greg joined the military to
make sure all of us are safe.”
—In Davenport, Iowa, Marine Reserve
Sgt. Bradley Korthaus was eulogized as a
man devoted to his country and friends and
a lover of country music, fishing and his old
dog, Bosco. “If anybody could protect this
wonderful country ... it would be Brad,” said
Kelly Holland, a longtime friend. Korthaus,
28, drowned March 24 while crossing a
canal in southeast Iraq.
turned it right back over, and Anthony itf ban half of
or peace 1
Bank today
Yet Israel
^anniversary c
a 3-pointer to keep the Orange ahead.
Syracuse stretched it to 12 with 1
minutes left, and KU could never overctf
after that.
It was another bitter defeat for Willitff net with ceh
who stayed without the one victory ll though it has
would round out an otherwise imped
resume.
Now, his next job is to decide whetherli!
interested in the opening at North Carol
his alma mater, or wants to return to
to try to complete his still-unfinished businfj
ing in Isra
terrorist b
carred state,
ane passes a
gain, it wou
f the Jewish
In 2002,
veb site that
lict. “The pi
ormed the b
tased on Isr:
n laymen’s
heir land ba
Wanna help save lives in B/CS?
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693-9905
CARPOOL facilitates a safe and reliable commuting environment in the
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Fall 2003 applications are available at
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Applications are due on April 11 by
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Please always drink responsibly and designate a driver or call CARPOOL.
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“Let the wore
time and plac
alike, that the
passed to a n<
Americans —
disciplined b;
peace, proud
itage — and
or permit the
those human
nation has ah
ted, and to w
milled today
the world.” -
Kennedy, Jan
I was reac
ry of our nati
and Presiden
fell under my
thought that i
to our genera
it again, I bel
Whether c
or not, the “n
handed onto
grow older, v
reminded tha
generation, tl
mately make
the populatio
often hear he
with our cell