Greenspan unable to convince critics as US economy stutters

When Alan Greenspan accepted an invitation to testify before the Joint Economic Committee of Congress, the buzz was that the Federal Reserve chairman had something to say. Maybe Greenspan would explain the bigger-than-expected 50 basis-point rate cut? Perhaps he would reconcile the aggressive rate action with the statement saying the risks to the economy were now balanced, even as the 1.25% overnight benchmark rate told a different story? Greenspan did neither. He gave a terse historical recap on the state of the economy, citing the better-than-expected 3% growth over the past four quar...