August 8, 2005
It is worth noting that in mid-1990,
it was not generally recognized that the economy was flirting with
recession. For example, Federal Reserve Board transcripts showed that
in July of 1990, Alan Greenspan said that he thought the economy
should remain healthy for the rest of the year. (The recession is now
dated as having begun in June of 1990.)
The article goes on to note that in 1990, "inflation was a problem,
interest rates were fairly high, federal budget deficits were