“I WAS ADORED ONCE . . .” one of Shakespeare’s characters sighs to another in “Twelfth Night.” Alan Greenspan must be having similar thoughts as he faces the new-born enmity of the bond investors who once worshipped him. The Federal Reserve Board chairman, the man who warned of “irrational exuberance” when others thought that share prices merely reflected animal spirits unleashed, and who manipulated monetary policy so as to prevent that bursting bubble from turning America into deflation-ridden Japan, suddenly finds the pedestal on which he has been perched by the public to be a bit shaky.
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