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Nothing can go wrong-ong-ong

Published Tuesday, March 01, 2005

Hearing the latest economic announcements reminded me of the punch line of the announcement from the cockpit during the “world's first fully automated flight. Sit back and relax; nothing can go wrong-ong-ong…” Lately, the economy has been cruising smoothly with no turbulence in sight. Real (net of inflation) gross domestic product has hummed at a healthy 3% growth rate or better each quarter. Every six to eight weeks Captain Greenspan and the crew of the Federal Reserve's Federal Open Market Committee announce another quarter-point increase in the short-term interest rate target, and long-term bond markets continue snoozing. In ...

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