The Fed And Technology To The Rescue
Since taking office in 1987, Federal Reserve Chairman Alan Greenspan has been known for his willingness to take quick and decisive action when confronted by a crisis. Now he has done it again. Facing the prospect of a rapidly slowing economy, a shrinking manufacturing sector, and a fast-declining stock market, Greenspan on Jan. 3 led the Federal Open Market Committee in an aggressive half-percentage-point reduction in interest rates--a move that sent the stock market soaring.
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