He'll be cautious about cutting rates to begin with. Then events are likely to turn out worse than the conventional wisdom, and he will then have to be more aggressive. He's very reactive. His actions tend to be very much with the consensus. He is not a man who deviates from the consensus views much.
Economic questions are difficult.
At these moments, it's very difficult to run monetary policy. Greenspan is not a guy who has ever surprised the market. He has always followed the market. The bond market has always forecast a Fed easing before Greenspan actually made the cuts. He is a follower.