Editorial: Fed's hands are tied on interest-rate cuts

09/17/2007 | Wall Street Journal, The

The Federal Reserve doesn't have the running room to solve the current financial crisis that it did under former Chairman Alan Greenspan in 1987 and 1998, The Wall Street Journal argues in an editorial. Past policy missteps by the central bank mean an interest-rate cut at Tuesday's meeting won't be simple. "For those of us who remember the economics of the 1970s, one abiding lesson is that trouble comes when the Fed is asked to spur economic growth," the newspaper said.

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Wall Street Journal, The

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