The Washington Post, March 21st, 2001
We will soon learn whether the economy operates by the textbook. As the stock market falters, Washington is making the standard anti- recessionary moves. Just yesterday, the Federal Reserve cut interest rates for the third time this year, reducing the federal funds rate to 5 percent. Meanwhile, Congress is pondering a tax cut to increase people's purchasing power. By the textbook, these steps ought to pep up the economy. But the textbooks could be wrong. Remember, we've never been here before. This longest U.S. economic expansion -- beginning in early 1991 -- has been exceptional in many ways....
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