Greenspan

I loved the cartoon about “irrational exuberance” in the stock market (Commentary, March 30). When Alan Greenspan worries that corporations could become so exuberant that they give their workers raises, it raises my worries that the whole fight against inflation is on the backs of labor. After all, most workers have seen a big decline in their real earnings over the last several years in the “global economy.”

In the European Common Market the emphasis again is on “flexible wages” (lower wages) in order to remain competitive in the world economy. Must we be governed by this excessively antilabor guru who sees inflation where nobody else sees it?

MARION FELDMAN