Greenspan's Easy Money Madness
Another fine piece by columnist Peater Eavis draws attention to the consequences of the Chairman's interest rate cuts:
- The extra debt may keep the economy afloat for a while, as it has since the crash of the Nasdaq economy and the Sept. 11, 2001, attacks.
But it does much more harm in the long run by preventing necessary restructuring of the economy, driving down saving, inhibiting future spending and endangering the long-term health of the banking system.
