Federal Reserve Commentator Bert Ely says yesterday's Federal Reserve interest rate cut was too little, too late, and that the Fed has a history of either under or overreacting. And he says Greenspan gets too much credit for what goes right. He says the market can do a better job than the Federal Reserve of keeping the economy on an even keel.

All Things Considered

Federal Reserve

March 21, 200112:00 AM ET

Heard on All Things Considered

Federal Reserve

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Commentator Bert Ely says yesterday's Federal Reserve interest rate cut was too little, too late, and that the Fed has a history of either under or overreacting. And he says Greenspan gets too much credit for what goes right. He says the market can do a better job than the Federal Reserve of keeping the economy on an even keel.