When the chairman of the Federal Reserve speaks -- especially in the midst of a prolonged recession -- people listen. Last week Alan Greenspan had the ears of Washington and Wall Street peeled during Senate hearings on his confirmation to a second term (all but a foregone conclusion). Greenspan defended the go-slow policy in reducing interest rates to revive the economy. He also warned against a bidding war between the White House and Congress to see which could make the deepest tax cut.
Wall Street didn't like everything it heard, especially Greenspan's implicit suggestion that no more rate cuts are in...
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