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October 07, 2004

Greenspan Has Kind Words for a Predecessor

GreenFederal Reserve Chairman Alan Greenspan praised predecessor Paul Volcker for being willing a quarter-century ago to ratchet up interest rates to end a long bout of dangerous inflation.

Greenspan's comments came at a conference Thursday organized by the Federal Reserve Bank of St. Louis to commemorate the decision the Fed made in October 1979 to take steps to push short-term interest rates as high as needed to get inflation under control.

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Posted by Tom Troceen