On Nov 18, 2006, at 4:59 PM, tfast wrote:
> Do you have a ref for that quote from Friedman it would be very
> useful to
> me.
By the way, the consequence of this fear-induced wage restraint was that AG let the unemployment rate fall to the lowest level since 1969, 3.8%. Which tightened labor markets, led to broad real wage increases, and brought the black poverty rate to its all-time low. Of course it was all based on an unsustainable boom, but is the best thing you can say about Greenspan.
Doug