June 30, 1999

When Federal Reserve Chairman Alan Greenspan talks, people listen. He's famous for his obtuse commentaries that usually keep analysts busy for days interpreting and speculating on what exactly Greenspan intended with his remarks. Last week was no exception. Some observers say he was more direct than usual, reflecting the openness of the Fed in recent years. But in his remarks, Greenspan, like more than a few politicians, had something for everyone. A close analysis of his speech reminded us of the old Clint Eastwood movie: The Good, The Bad and The Ugly.

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