When Greenspan says "inflation," he means job growth.

[mistertrickster]

Has anybody else noticed this? That the only thing Greenspan seems to worry much about is "inflation" which is really just more jobs.

Huge historic deficits--no problem.
War--no problem.
Huge historic nat'l debt--no problem.
Historic unemployment--no problem.
Stock market in a four year slump--no problem.
Dollar devalued against foreign currencies--no problem.
Worldwide economic slow-down--no problem.

Strong employment growth for the first time last month (after 40 months)--OMG! INFLATION! MUST RAISE INTEREST RATES!

Could it be any more obvious that Greenspan wants to slow the economy whenever labor becomes tighter--thus driving wages down, where the robber barons want them?

[On the Road]

1. I Agree with Greenspan's Concern

Inflation is rising, and it hurts the poor more than the rich. In the late 70's, inflation was driven by limited industrial capacity and a tight labor market as well as oil. Now inflation is rising without a tight labor market. The cause-and-effect is not the same.

So, while I agree that inflation is a concern, I also agree with you about Greenspan's lack of concern about employment opportunites. These people are bankers -- having a job is way too abstract a concept.