Markets may have misread Greenspan.

Presents the response of Alan Meltzer, an economist at Carnegie Mellon University, to the statements of United States Federal Reserve Chairman Alan Greenspan regarding interest rates in the US in September of 1998. Meltzer's history of studying and analyzing the Federal Reserve; His role in the founding of the Shadow Open Market Committee (SOMC), a group of economists which meets twice a year to comment on monetary policy; The influence that the SOMC has had on the Federal Reserve.