I don't think that you can set policy according to possible contingencies that may occur, but about which you have no information.
More Quotes from Allan Meltzer:
The name that's on the economy is Greenspan. If you want to step back and say Gore's responsible, it's hard to make that connection.Allan Meltzer
His big failing is that he hasn't provided the Fed with a replicable method of re-creating Alan Greenspan. He hasn't left behind an institutional framework that will guide his successor.
Allan Meltzer
What he's shown is that you can have full employment and low inflation at the same time. The Keynesian school didn't believe that, but Greenspan showed that it could be done.
Allan Meltzer
They'll want to see him tested, ... Greenspan had, in a sense, the good fortune that there was a crisis (Black Monday, Oct. 19, when the Dow lost more than 20) within the two months of the time he acceded to the chairmanship, and he handled the crisis very well. That established him in the market as a credible chairman.
Allan Meltzer
Don't believe ... the widely reported loss of millions of manufacturing jobs since the Bush administration took office, ... All these alleged facts are either wrong or greatly exaggerated, based on the same faulty source.
Allan Meltzer
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