'The Fed laid an egg yesterday," a corporate economist commentedlast Wednesday after the Federal Reserve's decision to leave interestrates unchanged. "The Fed blew it," a former governor of the centralbank told me the next day. Behind their criticism are signs thatFederal Reserve Chairman Alan Greenspan was unable to exert his usualdomination in an economic climate of unreality, denial andapprehension.
Greenspan is such an icon that his decisions now have becomepolitically inviolate. Critics plead anonymity rather than openlydeclare that the emperor wears no clothes. Last week's performance bythe Fed was followed by a momentary plunge in stock prices. but …
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