This guy has amazingly good 20/20 hindsight.  He's painting the Fed as behind 
the times and inept at managing monetary policy in this New Economy.  In 
fact, it was Greenspan's willingness to embrace the New Economy's higher GDP 
"speed limit" and unemployment "floor" that enabled this unprecedented 
economic expansion.  While it is true that the Fed's tightening is largely 
responsible for this downturn, it is not solely responsible; and it is the 
Fed's nimbleness over the last month in reversing monetary policy that will 
prevent this downturn from being a mere bump in the road.