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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: jameswallen who wrote (3514)2/4/2003 12:12:08 PM
From: SofaSpud  Read Replies (2) of 3536
 
Greenspan's mismanagement of the money supply wrecked a strong economy

I'm not particularly partisan on the Greenspan issue, but IMO the above statement is rather harsh. The U.S. economy had one of the longest periods of expansion in its history on Greenspan's watch. Reversion to the mean is well documented in the history of economic cycles -- normally to get back to the mean after a long expansion, you end up with a serious contraction. By historical standards, given the rate of economic growth in the 90s, you would expect to be in the midst of a very deep recession right now. While the economy certainly isn't going gangbusters, an unemployment rate of what, 6%, isn't the end of the world. That could be interpreted as fairly deft handling of the monetary levers, relative to some of Greenspan's predecessors.
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