Editorial: Stabilizing influence on economy to stay

In Washington, where every presidential nomination could fall victim to partisan politics this election year, there was a rare moment of unity this week: President Clinton's renomination on Tuesday of Federal Reserve Board Chairman Alan Greenspan to another four-year term was almost universally hailed. While Greenspan still must be confirmed by the Senate, this is a done deal that will sail quickly through the upper chamber.

As the chairman of the Federal Reserve Board, Greenspan has been the successful architect of a policy that has put the brakes on inflation by increasing interest rates, but has done it gently enough so as not to stifle a vibrant economy. "There's a basic rule in business -- don't mess with success," Jerry Jasinowski, president of the National Association of Manufacturers, told the Associated Press. We couldn't agree more.

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