Greenspan Today
Jude Wanniski
March 2, 2005


From: Jude Wanniski  <        
To:      Ben.S.Bernanke@ * * * * *.GOV                                               
Subject: Greenspan today

12:01 pm, 3/2/2005

He was exceptionally good today.... and the market enjoyed a 60-pt swing from his beginning to his end. Esp. good in noting that foreign reserves did not lower interest rates very much and their sale would not raise rates very much.

He didn't read my conundrum paper.... noting that there is less of a conundrum today because long rates have moved up. If he looked at the movement in long rates relative to the variations in gold in recent months, he might have a better understanding of the conundrum's origins.