NEW YORK - The global recession now underway is the result not only of a financial panic, but also of more basic uncertainty about the future direction of the world economy. Consumers are pulling back from home and automobile purchases not only because they have suffered a blow to their wealth with declining stock prices and housing values, but also because they don't know where to turn. Should they risk buying a new car when gasoline prices might soar again? Will they be able to put food on the table after this year's terrifying rise in food prices?
NEW YORK - This global economic crisis will go down in history as Greenspan's Folly. This is a crisis made mainly by the United States Federal Reserve Board during the period of easy money and financial deregulation from the mid-1990's until today.
