The Dow broke 20,000 and the Nasdaq smashed the 10,000 barrier. Janus resurfaced, with inconceivable 750 percent annual returns. Deadlock in Washington, the fund manager's dream. If Greenspan was languid in the Oval Office, it was only because while retaining the dual-role of Federal Reserve Chairman, he was fervidly hiking the Federal Funds rate. Now, with the U.S. economy finally beginning to languish, Greenspan faces the fight of his life as he bucks Constitutional constrictions and runs for a third term in office.
Inflation remains the pre-eminent danger to our country's economic health.
To date, the easing of demand has not been sufficient to eliminate the risk of heightened inflation pressures. I mean our nation's G.D.P. has suspiciously shrunk to exactly match the size of your office's annual budget. I reject the premise of your question. To tell the truth, I don't understand this new economy. And, I don't like what I don't understand.