Grant´s Interest Rate Observer schreibt:

"The Fed chairman is no impartial observer of the boom that he was asked to appraise(to Congress). Greenspan seedet it,accommodated it,celebrated it,and
defended it from those who believed they saw it turn into a bubble. He was as
uncritically and besottedly bullish as the luckless brokerage-house analysts
who have fallen under the gaze of the Washington inquisitor,Rep.Richard Baker.
Not long ago, Greenspan even believed the analysts.
"Greenspan having failed to call a bubble a bubble, was slow to recognize a bust
as a bust....Alan Greenspan never understood the problem. This defect does not
mean he will never hit on the solution.What it does suggest, however, is that
he will come to it belatedly and likely for the wrong reasons.-he will go down
in history as a bungler and a reckless inflationist. Worse, he will be remembered as a man who went against all his earlier beliefs regarding inflation,
gold, and the meaning of money.

<center>

<HR>

</center>