Anyone who thinks our powerful Fed boss is fighting yesterday's wars hasn't been listening. Greenspan most definitely gets it. He understands that he is not dealing with the same economy he dealt with in the early 1990s. Greenspan doesn't buy those numbers. Because of advances in technology it now takes fewer workers to produce the same goods than it took just a few years ago.
Goods spend less time languishing in warehouses or in the backs of trucks.
This is the case in many recent initiatives among our more seasoned companies to consolidate and rationalize their supply chains. Again, he credits the Net. In other words, monetary policy didn't do it. Albert Gore certainly didn't. Silicon Valley did.