A Delicate Balance

Alan Greenspan, the new Fed chairman, will have to tread carefully

It was quiet, maybe a bit too quiet. America's economic problems seemed to be taking a summer vacation last week, as if to give the incoming Federal Reserve chairman, the new U.S. money czar, a few moments to plug in his computer terminal and sharpen his pencils before the first crisis. To a remarkable degree, everything was going Alan Greenspan's way, as the nominee prepared for the Herculean job of succeeding the retiring Paul Volcker. The Dow Jones industrial stock average zoomed to a new peak of 2572.07. The dollar, which had spent much of the past two years in a...

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