|
|
Article: Greenspan and Fed Won't Play Politics With Interest Rates
- Article from:
- Chicago Sun-Times
- Article date:
- August 3, 1995
CopyrightCopyright 1995 Chicago Sun-Times. (Hide copyright information)
|
The Federal Reserve's trimming of the interest charged for
overnight loans between banks by .25 percent recently had many
economic experts wondering why the Fed even bothered.
Typical was the reaction of economist Ken Goldstein of the New
York-based research group the Conference Board, who told the
Sun-Times (news story, July 7) that the rate decline "is so small
that it makes you scratch your head. What are they telling us?"
When viewed through the prism of presidential politics, however,
which already is driving everything in Washington, the decision is
wise. What the Fed and Chairman Alan Greenspan are telling us is
that they will not be "biddleized."
In the late 18th and early ...