Alan Greenspan's caution as Federal Reserve Chairman has become legendary. He fusses extensively over economic statistics, always seeking more information. He failed to make any announcement after the October 13 stock market plunge, claiming that he wanted to see what happened on Monday morning. But in a recent interview with The New York Times, Bernanke said his decision was based solely upon "information I had at hand. But he refused, claiming that he wanted to see what happened Monday morning before making any public statement. So far this caution had served the nation well, but there are fears that the Fed's reluctance to ease credit could lay the groundwork for a new recession, perhaps starting early next year.
Alan Greenspan's caution as Federal Reserve Chairman has become legendary. He fusses extensively over economic statistics, always seeking more information. He failed to make any announcement after the October 13 stock market plunge, claiming that he wanted to see what happened on Monday morning. But in a recent interview with The New York Times, Bernanke said his decision was based solely upon "information I had at hand. So far this caution had served the nation well, but there are fears that the Fed's reluctance to ease credit could lay the groundwork for a new recession, perhaps starting early next year.