January 16, 2001

Investors and financial analysts in the U.S. worry that the current financial market weakness may signal a hard landing for the economy and wonder aloud whether the Fed can engineer a soft landing. Reading most press accounts and a few books, you'd think that under Greenspan's leadership, the Fed could softly land the economy on an aircraft carrier, maybe even half a carrier. Wed hardly disagree with the majority in this regard, Greenspan deserves high marks. High marks, yes, a 4.0, no. Some feel that Greenspan has been too restrictive and should be considered at least partially responsible for the current slowdown and market turmoil. We agree.

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