text: SM: There's been really two Alan Greenspans. There's the pre-1999 Green-span: up to that point I wanted to give him a Nobel Prize in economics. I think, in the last two years, his star has faded somewhat. On the other hand, I think that some of my good supply-side friends have maybe been a bit too tough on him. Remember, the errors in monetary policy that we are talking about today are trivial compared to the errors in the 1970s. I mean, people are saying, are we 25 or 50 basis points too high or low, do we have slight price inflation? I mean, hell, when I graduated from college, we had a 13.5 percent inflation rate. Nobody in their right mind would invest for the long term with inflation rates that high. Hopefully we've learned our lesson and we are not going to return to the dysfunctional monetary policies we had in place in the late 1960's and throughout the 1970's.