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Greenspan’s Whim

In: Unbearable Cost

Author

Listed:
  • James K. Galbraith

Abstract

Why did Alan Greenspan raise interest rates? Because he could. Because two of the more independent members of his Board, the pro-growth conservative Lawrence Lindsey and the moderate Janet Yellen, have departed. Because he has been under pressure from banks and bond traders for two years; why not throw them a bone? Because he knows the Clinton Administration will say and do nothing in protest. And, especially, because he can get away with it.

Suggested Citation

  • James K. Galbraith, 2006. "Greenspan’s Whim," Palgrave Macmillan Books, in: Unbearable Cost, pages 124-125, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23672-1_35
    DOI: 10.1057/9780230236721_35
    as

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