Greenspan Cuts Rates

Re “Fed Trims Key Lending Rates by Half a Point,” Feb. 1: So now the Fed is lowering interest rates to try to block the recession that’s coming because--well, because the Fed raised interest rates six times in the past couple of years to slow the economy in order to battle nonexistent inflation caused by nonexistent “wage pressure” from working people.

And [Fed Chairman] Alan Greenspan is considered a genius because of all this. Personally, I think the emperor’s clothes are also nonexistent.

JONATHAN AURTHUR

Santa Monica