Don't you think Greenspan has been too tight? My concern is the longshoreman's strike on the west coast, said to cost $1B daily to our economy. Retail falling but homes still good.
I thought Greenspan was about six to twelve months too late when he started his rate declines. Things weren't looking good. What he was thinking I'll never know. When he did start dropping rates, he remained about six to twelve months behind. Now the rates are so low that I don't think he could help. Confidence has been destroyed. I don't think lower interest rates are going to spur much activity.
As for the west coast strike, it's yet another negative in a sea of negativity. The consumer has been touted as the only thing keeping our economy afloat. Anything that might negatively impact that money stream to any degree is not good.