Greenspan: The Unlikely Dove

Why Greenspan is resisting an interest-rate hike

When Federal Reserve Chairman Alan Greenspan was sworn in for his third term on June 25, it was to the dismay of a small band of liberal Democrats in the Senate who had stalled his confirmation for months. Under the inflation-phobic Fed chief, thundered Senator Tom Harkin (D-Iowa), "job growth and the living standards of average Americans have been sacrificed on the altar of high interest rates."

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