The '70s Specter That's Haunting Greenspan

He fears an oil-shock reprise--but he's in the minority

Federal Reserve Chairman Alan Greenspan was trying to engineer his first soft landing of the economy in the summer of 1990 when Iraq invaded Kuwait. Oil prices doubled on fears of big disruptions in supply from the Middle East. Consumer confidence collapsed. And instead of settling in for an extended expansion, the economy crashed into a recession.

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