That line had been edited out of yesterday's remarks. He said the best thing policy-makers can do to bolster confidence is to provide as objective an appraisal of how the economy is doing as possible. The one thing I know you can't do is try to spin the economy one way or the other. Greenspan also said it was too early to judge whether the recent drop in the stock market could cause a recession. Gains or losses from such investments tend to affect how wealthy people feel and their willingness to spend.
Consumer spending accounts for two-thirds of the nation's economic activity.