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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (March 21, 1997)
Expert lectures on The Fed* By Brian Carlson Staff Reporter Alice Rivlin says there are no se crets of the temple. But the Federal Reserve deals with a wide variety of pressing and seem ingly intractable economic issues on a daily basis, the vice chairwoman of the board of governors of the Federal Reserve System told a UNL audience Thursday. In her E.J. Faulkner Lecture at the Sheldon Memorial Art Gallery, Rivlin said the public views the Federal Re serve as “a mysterious, almost occult institution” and is unsure of its duties. Rivlin said most people know little more than that the institution dubbed “The Fed” manages the nation’s trea sury and sets interest rates. Many are unaware that its headquarters are in Washington, D.C., she said, not the nation’s financial capital — New York. Following the 1987 publication of William Greider’s “Secrets of the Temple,” which argued that the Fed eral Reserve is the ultimate power in the United States, Rivlin said public perceptions of the institution became even more ambiguous. Last year, Federal Reserve Chair man Alan Greenspan’s assertion that the stock market was overvalued due to “irrational exuberance” led to a dip in stock values and fostered an image of Greenspan and the reserve as pow erful economic shakers. Rivlin, a longtime Washington economist, said even she was unclear about the reserve’s role when Presi dent Bill Clinton asked her to serve on it last spring. But Rivlin said she has enjoyed working outside the sphere of daily politics in Washington since she be gan her 14-year term in June. “The Federal Reserve Building is just five blocks from the White House, but it might as well be five miles away,” she said. “It’s designed to be out of the hurly-burly of politics so it can manage the nation’s money in a more austere way.” g In addition to setting shortterm interest rates, the reserve makes eco nomic forecasts and regulates the nation’s financial institutions. 4 Regulations of banking and credit — including protecting women and minorities from discrimination in ob taining loans, as well as forcing banks to invest in their communities — take up the majority of the reserve’s time. Rivlin said it would be interesting to see what effect improved technology would have cm the long-standing divi sion between banking and commerce. “I was lucky in my timing,” she said. “I came to the Federal Reserve in a time of enormous change.” Rivlin suggested that problems such as worker insecurity, weakening labor unions and business mobility had prevented a significant increase in the public’s wages. 1 Where wages have gone up, inten sified global competition has prevented price increases. Increased productivity rates, in turn, have allowed businesses to absorb wage increases, Rivlin said. “But the honest answer is, we don’t know,” she said. ^Managing Editor if Associate News Editor if Assignment / Supplements Editor ^Design Chief ^Sports Editor ^A&E Editor ^Opinion Editor if Copy Desk Chief f Art Director ^ Photo Director ^ Web Editor ^ Assistant Web Editor ^ Senior Reporters ^ Cartoonist ^ Senior Photographer ^ Copy Editors Columnists We also are looking for a team of page designers to design and paginate news, sports, A&E and opinion pages. Designers should know QuarkXPress and be able to show solid design skills and familiarity with newspaper layout. Designers do not need to be journalism majors. Pick up an application, job description and sign up for an interview at the Daily Nebraskan, 34 Nebraska Union. Applications are due today. Interviews will begin March 31. And don't forget, applications for current staff positions are always accepted. UNL does not discriminate in its academic, admission or employment programs and abides by all federal regulations regarding the same. Students’ work integral to keep UNL functioning WORK from page 1 essential to running this university, she said. UNL employs as many stiidents as it does faculty and staff, Phelps said. According to Institutional Research and Planning, during the 1995-96 school year UNL employed 1,516 fac ulty and 3,493 non-student staff mem bers. During that same time, more than 5,000 stiidents were on UNL’s payroll. Emily Wilbur, student employee as sistant at SEIC, said employers who work through SEIC want to hire stiidents and understand a student’s schedule. Several UNL students said their uni versity jobs were flexible, conveniently located and had relaxed atmospheres. Becky Simpson, a UNL sophomore, works at the University Press. She said her co-workers were fun, her job was close to campus and she was not required to work nights or weekends. And if a student takes time and ini tiative to pursue a certain job, Phelps said, he or she can find one related to his or her major. Kim Johnson, a sophomore nurs ing student,said she likes working at the University Health Center because she gets to see what she might experi ence working in health care. SEIC’s main service, Phelps said, is to advertise campus, off-campus and work-study jobs to students. By calling 472-8800, students can listen to a list of about 200 jobs rang ing from parking lot attendant to stu dent X-ray operator to student tutor. Businesses such as the Gallup Organi zation and Runza Restaurants also ad Students can also look at the SEIC job board on the third floor of the union or they can check out the World Wide Web site at http://www.unl.edu/careers/ seic/seic.html. da Vina s volunteers Easter dinner From Staff Reports Hundreds of pounds of pasta, pizza, salad and cheese bread will become Easter dinner for low-income Lincolnites or those without family. For the 13th year, daVinci’s will serve free Italian meals on Easter Sun day, March 30, from 11 a.m. to 3 p.m. at 11th and G streets. Volunteers serve about 750 people every year at the event. A bus will take people from the Malone Center at 1 p.m. and the People’s City Mission at 1:20 p.m. Dietze Music also will provide a pi ano for entertainment during the meal. Arrest A Lincoln High School student may have solved Ins own crime l\ies day afternoon when he followed a man he thought robbed him at gunpoint to his house and called police. Lincoln police arrested 33-year-old John Glenn Phillips Tuesday when an 18-year-old saw him walking on Randolph Street near Lincoln High School, 2229 J St, Lincoln Police Sgt Ann Heermann said. The student was robbed for $154 cash at gunpoint in the parking lot at 27th and Randolph streets Feb. 12. The student and a friend followed the man to his house at 924 S. 23rd St. When they arrived, a Lancaster County Sheriff's deputy was saving Phillips with civil papers. The two students then called the Lincoln police, Heermann said. The police called the sheriff’s office, got the name of the man and wait to his house. The man matched a composite sketch done after the armed robbery. He was wearing a sweat shirt that matched the one worn during the rob bery, Heermann said. Phillips was arrested for suspicion of armed robbery and use of a weapon to commit a felony. Heermann said of ficers did not recover the weapon when they searched the house. RHA wishes all the hall residents a very happy and break holiday. The Men of P \ jg S whJ YOUIPRIWKI From the Men of AIT... J p *m i The ladies of Phi Mu would like to wish everyone a SAFE and FUN Spring Break! Delta Stama Pi by l J|g|fo| I DRINK RESPONSIBLY I * i5$nAeu6efy-&/i4cA/.JfoiC'. ONE Or THE ANMEUSER BUSCH COMPANIES ■