A Salute To U.S. Economic Team

The final meeting this year of the Federal Reserve has been held. So it is time to tip hats to Chairman Alan Greenspan. He and Treasury Secretary Robert Rubin have done a remarkable job, by any reasonable analysis, of helping to hold the U.S. economy together.

Greenspan gets criticized some, and maybe sometimes deserves it - for helping too many Wall Street big shots, such as some selected hedge-fund operators. That kind of thing.

But this is a time for praise, not criticism. And Greenspan deserves a lot. So does Rubin. They'll be the first to tell you that American business and industry, its leadership and its workers, deserve the most praise. And, yes, President Clinton deserves quite a bit when it comes to the economy.

It has been a united effort to prevent the U.S. economy from being engulfed by the global economic turmoil that has plunged 40 per cent of the world economy into recession.

What will next year bring? Who knows? The Federal Reserve today voted to keep key U.S. interest rates unchanged. When and if next year's slowdown, not even a recession much less a crash is the prediction. Then the Fed can lower interest rates again, if needed.

Let us all hope it isn't needed. If interest rates, already very low, are not taken down again next year. That will be another sign of amazing economic health in this country.

There are Americans hurting in the present economy. You may also want to keep that in mind as the rest of us celebrate.

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