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To: dougjn who wrote (16195)	10/8/1998 2:02:00 PM
From: Joe NYC	Respond to of 152472

Doug, So what Greenspan guides himself by is the inflation rate. More Demo Fed governors primarily guide themselves by avoiding recessions or even pronounced slowdowns. This is the pain time in the conervative approach. Rising inflation (probably a worse pain, overall) is the cost of the liberal approach, that we had from the late sixties until Greenspan. You have to give some credit to Paul Walker, appointed by Carter who started to fight inflation. He was reappointed by Reagan, and Reagan appointed Greenspan, who in turn was reappointed by Bush and Clinton. Joe