Show A10 — The Herald Journal Logan Utah Thursday April 22 2004 prices (jreenspan said tie noted that the fall in the value of the IJS dollar and a Interest strengthening global economy were adding to pricing pressures at home While stressing that inflation Continued from A I “Looking forward the prospects for sustaining solid economic growth in the period ahead are good" Greenspan in Top and decision-makin- g rais- ing Tennessee’s national rankings lie also talked about his previous work helping state Continued from A 1 economic development teams in South Carolina Michigan and Connecticut I le was asked about his tour of Tennessee’s official presi- dent’s residence Lavish spending to renovate the house contributed to the last president’s downfall “You see any changes you’d like to make in (lie home?" trustee Susan Williams said in a query that brought anxious laughs from Lady Volunteers basketball team visors and an tie “I told you it was a pretty good color for me" said Petersen accustomed to the color when he headed the' chemistry department at Clemson‘ University in the 1990s: “I feel I have found the job I have been working 29 yean to find and that is the leader-shi- p job of one of the best institutions in the country ' One that I think is really going to show the South and the rest of the country what an institution can do"’ An unusuallyOpen and lengthy search process was organized to try to ensure Tennessee’s next president would not go down in scandal like the two previous presidents John Shumaker in August and J Wade Gilley in 2001 The character of the next president for the UT-oran- one-wa- the board “No it is a gorgeous home" IVtcrsen responded as the chuckles continued "Our furniture matches the decorations (juilc well" impact on financial markets The Dow Jones industrial average gained 277 points to close at 1031727 In other economic news ' International Monetary Fund policy-makin- remains low he said it was the job of the Federal Reserve to he vigilant for an unwelcome llare-u- p in this gauge “As I have noted previously the federal funds rate must rise at some point to prevent said But with the economy rebounding some companies are finding it easier to raise pressures on price inflation from eventually emerging" Greenspan said Since last June Greenspan colg and his the bank central at leagues held that rate at I percent the lowest since 1958 This rate is the interest that banks charge each other on overnight loans It the Fed’s primary tool for influencing economic activity So far broad inflation pressures have yet to build Greenspan said But the Fed he said “recognizes that sustained prosperity requires the maintenance of price stability and will act as necessary to ensure that outcome” Pressed by some lawmakers to be more specific on when the central hank might begin raising interest rates Greenspan gave no direct response “Greenspan’s message is y interest rales are on a street up But it will he months before we reach that point" said Stuart Hoffman chief economist at PNC Financial Services Group He and others are forecasting a rate increase in August Until the recent signs of economic strength many analysts had speculated that the Fed would not change interest rates until after the presiden- - - predicted that the global economy should grow strongly this year US growth was pegged at 46 percent the fastest pace in 20 years The IMF estimated the global economy would expand by 46 percent this yearcomparcd with 39 AP photo Federal Reserve Chairman Alan Greenspan left confers with Joint Economic Committee Chairman Sen Robert Bennett right and Vice Chairman Jim Saxton R-center on Capitol Hill on Wednesday Greenspan told the committee America's economic interest rates recovery has good momentum and that low short-terwill have to rise as some point m tial election in November A growing number of analysts now predicts the first increases will come this summer “One thing is certain The federal funds rate is at an unsustainably low level There is no justification for its being there and before too long it Will be raised” predicted Sherry Cooper chief econo- mist at BMO Nesbitt Bums “An August rate hike is still the most likely” It was Greenspan’s second signal in two days that the Fed was beginning to edge closer to raising rates Greenspan's remarks before the Senate Banking Committee on Tues- day sent stocks tumbling as Wall Street investors feared a rate increase would come sooner rather than later Asked Wednesday about investors’ interpretation of his remarks the Fed chief replied: “Are they right or wrong? I don’t know" he said smiling and shrugging his shoulders Greenspan's comments Wednesday had less of an per- - cent increase lust year The Federal Reserve reported Wednesday that US economic activity increased and between the to according early April central bank’s latest survey of business conditions around the country Growth was widespread with manufacturing and retailing among the business sec- tors showing gains Hiring increased modcsijy in most regions the Fed said mid-Februa- ry At a'question-and-answ- er period during the hearing Greenspan said he felt that a sweeping change in corporate taxes proposed by Sen John Kerry ss would not have much effect in stemming the flow of US jobs to other countries or increasing invest- ment by US businesses at five-camp- us system “was 42000-stude- nt the baseline issue" said Gov: Phil Bredesen who chairs the UT Board of Trustees From an original slate of 47 applicants Petersen was ' ' selected after three rounds of: public Webcast interviews before three different universi-- v ' ty panels There also were background checks resume confirmations and home site visits by the search commit- -' tees “There was an enormous scnihbingof candidates And I promise you that everybody who knew anything negative about these candidates made it known" Bredesen said “I think this has been a great vie- toiy for an open process” Utah State President and histoiy professor Kermit Hall 59 came in second in a head- vote against Petersen after the trustees eliminated the third finafist Jack O Bums 51 the No 2 executive at Jhe University of Colorado system “Any one of them I would have been delighted to have as the president" Bredesen said adding “I am delighted with John and took forward to working with him” Y Trustees talked about Petersen’s reputation for mak- ing academics a priority his ability to raise money from donors his'case with legisla-- " tors and that he seemed the ' best “fit’’ of the candidates for ' : to-he- ad - : C -- ' ' t ' Tennessee y' Y A Los Angdes native with a doctorate in inorganic cheniL istry from the University of' : California a Santa Barbara Petersen was a researcher and professor first iit Kansas State Univciity and then at Clem--’ Son Tennessee athletic director Mike Hamilton a Clemson graduate said J’eterseii' joked with him' "ff one guy from Clemson cun he successful ' mileutahlMore and a hone serviceThationwide w rest is onus: And its something ComcastAT&Land ' VLi ' : 1 wireless an ust5c a rninuteTand after onth the here two After 3 years at Clemson ' Petersen was dean Of science for six years at Wayne Slate University' in Detroit where he led outreach programs in Y the public schools to increase ' minority enrollment Since2tX)(L he has heen at Connecticut where he is provost and executive vice president for academic affairs “I voted for Petersen"trustee Lynn Johnson said ' “UConn is a very good It is much like:ours I Y think he wpudwork well' with' ' ' the Legislature""!' Petersen was scheduled take a to IT campuses ' and Friday- He is Thursday expected to :isume his duties by July L He will have a base salary ofS’OjfKX) ' ' Dujjn'g fas interview ' talked Petersen Wednesday about academic excellence involving faculty aiidstudents could-- are discovering the orjnore than one product jwe Qweslxcustomers r MCI al just don’ 1 s Call today to jnake sure you’re getting everything youneedforjess 1800:2681 889 westcom choice : : : - r nd " V---: With a quakfymg home phone package Long distance BS2500 a month maximum without a Owes! home ptone package: “Witn any pttier Owest service on one Nj $2999 without any olhefQwest service Phis tax and surcharge ' ' ' Hub-spee-d Internets $3199 a monlh without a Owed home phone package Plus tax and surcharges Y " ' : V local residential service customers My: Taxes incremental charges surcharges and shipping and handling lees extra Appkcabte tapfls! regulations and other restnrtions may apply Quint Choice' Horde not Fgr Qwest '' available in N Idaho Pricespackage components subject to change Some features requite special equipment at an addKional charge: and may riot bp available in all areas Certain (Mure limitations apply Ask for deforis" ' ' : Qwest Choice Long Distance (L0) plan not available in MT orAK Certain use restrictions apply except in CO L0 provided by 0we$t Lang Distance Listed rates cover calls within the US and to Puerto Rico Guam USVt and CNMI Owest Choice DSL with MSN Premium phbne lineinstallationcharges extra Serene not available in al areas DSL Modem tor purchaseor rent required Actual DSL speed varies dependmg on variety ef (actors ' seryice not guaranteed Requires Windows' 96 or later Microsoft MSN and the MSN logo are trademarks ot Mtcrosqft Qwest Choice' Wireless Cron Country Requires credit approval compatible Urunterrupted or enor-tre- e : handset new service achvahbn and S35 activation foe Prices do not include monthly per handset fee of $50 number pootingportabHity fee of S1Z5 and other fees that vary by market Requires ota compatible ' handset Local and e network are included in plan minlitesand additional per mmutertiarge appbes once monfoly minutes are exceeded Cals are rdundedup to the next fob minute ijnused monthly minutes do not carry forward Coverage restrictions apply and service is not guaranteed even m home coverage area Calls made or1 received pit the wireless network even within the home coverage area wH be charged at the roaming rate Other restnpbons apply Complete details iq service agreemenfand 'coverage maps provided with handset and at www qwestwireiesscom Qwert Promise ef (Mur: Nobce may include V dircrtmaiK bill' message hiU msertpr ottr method and may occur at any time Owest Promise of Value may last for a limited hroe iand 4 not a guarantee of price reduction Copyright f2Q04 Qwest All fights reserved QL'A'022A ' - |