From The Fed To Bear Stearns

Bear Stearns has a thing about hiring provocative economists. To replace ousted chief economist Lawrence A. Kudlow, who left under a cloud this winter, the investment firm has hired former Federal Reserve Governor Wayne D. Angell, 63, a contrarian thinker who wants the Fed to pursue zero inflation by targeting the price of gold. Angell says his philosophy on competing in the marketplace of ideas is that "anything already in the market is worthless. You must provide value-added." The approach seems to be a winner. Some 500 clients vied for just 280 phone lines available for a Bear Stearns conference call on Apr. 14, to hear Angell air his views.

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