Tuesday, July 8, 2003 | 8:40 a.m.
If Federal Reserve Chairman Alan Greenspan's old tale has been exposed as fiction by the deplorable consequences of his bubble inflation of the 1990s, his new tale is about to do even more damage.
Early in May, Greenspan uttered the dread word "deflation" while his banker cronies on the Federal Reserve's Open Market Committee announced in what has passed as an explanation that a "substantial fall in inflation" is not only "highly unwelcome" but is even worse than a "pickup in inflation from its already low level.'
Well, now we know. The Federal Reserve is finally admitting that it's not in the business of protecting the purchasing power of Everyman's dollar after all.
CHARLES A. DELZOTTI
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