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Bush Prolongs the Greenspan Agony

By Peter Eavis

 About this article:
 People often look back and wonder what JFK would have done in Vietnam had he been around to direct the war he got the country into. It will be almost as interesting to see how Fed Chairman Alan Greenspan handles the credit bust that is the likely consequence of the easy-money policies he has implemented as head of the nation's central bank. There is a very high chance that the 78-year-old Greenspan will be around to deal with his own mess, after President Bush renominated him as Fed chairman Tuesday. Because of some Fed rules, Greenspan probably won't be able to serve out a full four-year term. But he will be in charge of U.S. monetary policy until January 2006. Will the economy really fall into the debt trap Greenspan has built within the next 18 months? You bet. Though he created the monetary conditions...

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