Greenspan's Deficits

The storied Fed Chairman is battling inflation, sluggish growth--and some harsh new scrutiny

After being treated like royalty for presiding over the longest economic boom in the nation's history, Alan Greenspan, 79, might well have expected his final year as Chairman of the Federal Reserve to be one triumphant victory lap. Instead, the man known as Maestro may not even get a standing ovation. The economy is showing signs of slowing growth and oil-fueled inflation, a potentially dire duality. The Dow Jones industrial average, a daily vote on prospects, is filled with undecideds. The volatile Dow plunged early last week and then rallied for its biggest one-day gain in two years, only to retreat...

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