Playing It Safe With Singles
In retrospect, I guess, it was easy to see the administration was closely watching the bond market and interest rates. Look at Greenspan sitting next to Hillary at the State of the Union. Whenever Clinton’s economic advisers went on CNBC, it was obvious they were focusing on lower deficits and lower interest rates because there wasn’t much else they could do. They were put in a box by caps on government spending, and all they could do was to let the private economy grow itself via lower interest rates....