"Chairman Greenspan left the door open to a further decline in short-term interest rates," he said.

"We were all looking for some encouragement from Chairman Greenspan that there would be further cuts in interest rates."

Whatever the financial merits, though, the Administration is left with Chairman Greenspan's political demerit.

"To keep the market contained will require at least a couple more interest rate hikes and a continued open mouth policy on the part of Chairman Greenspan."

However, as Chairman Greenspan knows, markets usually outshine governments in the work of setting, or discovering, prices.

"Chairman Greenspan has now officially lost the confidence of the bond market," he said.

Here's what I'd recommend Chairman Greenspan and the committee do.

Chairman Greenspan's concern is leverage, which weakens the ability of corporations to weather recessions.

I don't think I'm far apart from Chairman Greenspan at all -far apart.

"A weak economy, low inflation and softening credit demand are what Chairman Greenspan needs to cut interest rates."