Well, it seems he's picking up a little criticism for this, from people with better credentials than mine who are just as worried about bubbles in the housing and bond markets bursting in an economy whose fundamentals are already weak. Particularly since the low level of interest rates has left him with very little room to maneuver -- in fact, long-term rates are currently spiking due to activity involving derivatives; if that sort of movement lasts long enough to affect mortgage rates for a few months before the economy really picks up... well, things could get bad.
But fear not. Executives of IBM are talking about creating new jobs! In China. And yet, there is not universal joy:
- The I.B.M. executives [in leaked a conference call] warned that when workers from China come to the United States to learn to do technology jobs now being done here, some American employees might grow enraged about being forced to train the foreign workers who might ultimately take away their jobs.
Oh, wait, Mr. Greenspan. You wanted total employment to rise?