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March 19, 1998 The Kings Mountain Herald LIGHTS GOING UP - Kings Mountain electrical crews put up lights and poles on the new Deal Street baseball/soccer/softball complex Monday. The fine-grading and some of the sewing of grass is completed and the city hopes to have the fields ready for the start of Dixie Youth League play in the spring. Greenspan again voices caution An old telévision commercial for a since-purchased brokerage house went something like this: Two people in a crowded room are talking about their investments when one divulges the name of his broker. At this point . everyone in the room stops what | they're doing to hear the forthcoming advice. + The commercial very humorously made the point that there was one viewpoint which truly mattered. And while that was obviously a gross exaggeration at the time, today there is one person whose opinions have power to move markets. He is Alan Greenspan, chairman of the Federal Reserve Board, who addressed Congress during the last week in February with the Federal Reserve's semiannual report on economic conditions. To understand the full impact of Greenspan's authority, one has to remember a speech he delivered in December 1996. He warned then of an "irrational exuberance" in the equity markets, driving prices artificially high and setting the stage for a potentially sharp downturn. That speech actually became a self- fulfilling prophecy, sending stock prices downward in markets around the world. The Dow Jones Industrial average®* fell on December 6 as much as 144 points, before finishing 55 points down at 6382. Never before had one man exercised so much control over so many invested dollars. His most recent address was more optimistic, by Greenspan standards, although it did contain this note of caution about the equity markets: "Twelve or 18 months hence, some of the securities purchased on the ~ market currently could be looked * upon with some regrets by investors." FAA The Dow fell 40 points that day, but analysts don't lay the entire decline at Greenspan's doorstep. That they attribute any at all to him is virtually without precedent and is a measure .- of the respect the Fed chief has earned = for his part in regulating the nation's economy. The Fed's control over the money supply is a critically important element in this country's economic equation. Simply put, when interest rates are too high, money is harder to come by and growth is difficult to sustain. When rates are too low and capital is easier to obtain, growth accelerates, but so does the potential for inflation. Equilibrium is that very difficult point when growth is steady, but inflation is low. Greenspan has managed to deliver equilibrium for an unusually lengthy time, admitting in his remarks that this expansion is unlike any he had seen before. He also noted however that the market views the current expansion i Best Housing Center of Bessemer City Investing In A New Home Soon? Modular or Manufactured? Come by or call Best Housing Center before you buy. You will not believe the quality and prices of our homes. a 629-9870 Haburi ak economic era." Hear. Hear. Our opinion is that any time Financial Advice : investors hear the "this time it's different" line of reasoning, they ° should take it not with a grain of salt, but as a note of caution. Financial Joe markets move in mysterious ways. And although one man has proven that he can influence incremental, short-term price fluctuations, the hundreds, if not thousands of factors, taken collectively. Joe Haburjak is a Branch Manager with LPL Financial Services. He currently manages the LPL office in Gastonia, NC. For more information call, (704) 865- 6565. through a different filter than his own: "The market is saying that there is something different about this particular environment. I am not inclined to go that far. I have been aroung too long to experience a new ‘MAGIC - Magic, coached by Jimmy Dean Faulkner, competed in the Grover Basketball League this year. Players are Christina Sliney, Josh Richardson, Matthew Richardson, Brad Allen, Elizabeth Vandyke, Tanner McAbee, Brent Hunt, Clay Roberts, Torrance Davis, Caleb Moss, Sherita Curry, Christopher Curry and Phillip Petty. CELTICS - The Celtics, coached by Tony Jenkins, competed in the Grover Basketball League this year. Players are William Thomas, Rahim Watson, Kevin Jenkins, Seth Durham, Blake Presley, Matthew Farish, Steven Arrowood, Chris Weathers, Cynthia Detter, Christina Hyslop, Ryan Simpson, Rashonda Pettis, Sarah Kiser. CUMMINGS FURNITURE WARD dh MILLER. 0% INTEREST Grandfather Clock Sale! Soil Sample Test Kit to get ready for re-seeding *50% Off List Price Large Selection in Stock Layaway for i Christmas i. Special Orders Too! BRIDGES HARDWARE AND HOME CENTER 100 S. Cansler St. 739-5461 Page // Make Someones Week Bring a little sunshine into someone’s life. Put their name in the paper. It’s simple inexpensive - and memorable. For more information on classified “happy” ads, give us a call at 739-7496 markets in reality are driven by, ts Outta Here! Whether you're selling a car, a house, a sports card collection or a washer/dryer combo, classified advertising gets the word out. So your car, house, sports card collection or washer/dryer combo can find a new home - Fast! For more information on classified advertising, give us a call at ‘739-7496 e’ll he callin ev To get your subscription started today, give us a call at 739-7496 or clip this coupon Our telemarketing department will be calling soon to ask you to subscribe to the Kings Mountain Herald. Stay informed with all the latest happenings in your hometown and support your paper by purchasing a years subscription. TEES lat Hots Name Address Phone # Send your check or money order for $18.02 to: Kings Mountain Herald PO Box 769, Kings Mountain, NC 28086 Circle One: New Renewal A
The Kings Mountain Herald (Kings Mountain, N.C.)
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March 19, 1998, edition 1
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