If I got it right, I think we were actually hiking rates at that time.
Its part of the reason so many folks blamed Greenspan for "bursting the bubble".
Also, I'm not sure if it was then exactly, but Bernandke might have made (or stolen) his friedman quote about "helicopters" to combat deflation.
I'm pretty sure we were decreasing the money supply around then, because only a couple of years later we started to rapidly increase it via rate cuts.
You may well be right as I'm relying on memory as I can't find any historical money supply numbers. Weird, I'd of thought they'd be all over the place.