Economy

Many will recall that in 1999 and 2000 - when inflation was quite tame - Greenspan began raising rates like there was no tomorrow.

Until finally, in March 2000, the gambit succeeded: the markets got cold feet, and loan volumes dropped noticeably - a powerful one-two economic punch.

Predictably, the economy slowed just enough to deflate support for Democrats and - combined with a lackluster Gore candidacy - the rest, is history.

Now then, Powell does have a justification of sorts: high inflation.

But the power the Fed has to cause political mischief - to Greenspin an election, if you will - can't be ignored.