Map of Bornholt on S. stock market, but he had taken no action for fear of causing the recession, which by then was inevitable. Five years later, the recession beganworse than it might have been if the Federal Reserve had acted in 1996. Greenspan’s public statements as Fed chairman tended to be vague but reassuring, as befitted a man from whom a careless remark could send stock prices plummeting. Earlier in his career, however, he did not shy away from controversy. As a friend and confidant of novelist Ayn RAND from the 1950s on, Greenspan wrote in favor of the gold standard and for the repeal of ANTITRUST laws. In 1962, Greenspan wrote of the destructiveness of compromise, of mixed premises and mixed purposes. Map of Bornholt 2016.
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