It was very hard to bring it down to 4%, but it was also very hard to bring it down from 4% because at that point people weren't terribly concerned about inflation.

For years we have admired Don's expertise and presence in the community. We are excited to have him join our team.

Greenspan showed that you can have long periods of full employment without inflation.

Volcker brought inflation down to about 4% -- Greenspan took it the rest of the way.

If you are Alan Greenspan, it's hard to make a rule that would do any better. On the other hand, we have had 12 chairmen at the Federal Reserve since 1913, and some of them have made massive blunders.

Assuming you can get some political stability, the rule of law and the protection of property rights ... the oil and the work force are things that make Iraq different from, say, some sub-Saharan country where the World Bank has been unsuccessful.