The Fed has done the right things at the right times fighting inflation, keeping the economy going and providing stability.

He continued the fight against inflation that Volcker began and has gradually managed to squeeze inflation out of the system.

The world economy has become much more open and global. Greenspan was in favor of all that, as most economists are.

The key point is the stability and declining trend in core inflation. The central bank isn't going to conduct monetary policy based on agricultural prices.

The Fed has and must have a commitment to price stability. The uncertainties on the upside (for inflation) have only gotten bigger since Katrina slammed into the Gulf Coast,

The Fed has and must have a commitment to price stability, ... The uncertainties on the upside (for inflation) have only gotten bigger since Katrina slammed into the Gulf Coast.