Calls Mount For Action

The always tart Bill Fleckenstein has a word or two for Mr. Greenspan. "One of the most obvious would be to raise short rates to a level higher than the underlying rate of inflation (i.e., 5% to 6%) and take back some of the absurd stimulus that Alan Greenspan has foisted on the economy repeatedly over the last decade."

"This would simultaneously increase savings, reduce consumption and hurl us into recession. But we are headed there anyway. So let's get on with it before even more damage is done."

Stephen Roach chimes in, "The longer we wait, the more treacherous the endgame." And the subject of their columns, Paul Volcker, "What can be left to later, usually is, and then, alas, it's too late."