A couple of years ago, a young journalist named Stephen Glass wrote a magazine story about a group of Wall Street traders who built a shrine to Federal Reserve Chairman Alan Greenspan.

        These money-changers reportedly worshipped Chairman Greenspan, whose monetary policies are associated with prosperity and economic growth in America.

        The story, of course, turned out to be bogus, the make-believe scribbling of an overly ambitious writer.

        At first, the story was not doubted. Only later, when other stories Mr. Glass had written turned out to be fabrications, was the Greenspan piece questioned.

        The story likely was accepted as gospel because the Dow was soaring, 401(k)s were growing, unemployment was falling and it seemed plausible that a group of financial professionals might speak of a mortal in black-rimmed glasses as if he were a god.

        Everybody, it seems, worships Alan Greenspan, or the way he oversees the economy.

        Everybody, that is, except Jim Bunning.

        The U.S. senator's spats with Mr. Greenspan are well known in Washington. Mr. Bunning, R-Southgate, has challenged Mr. Greenspan in committee meetings, opposed his economic policies and actions, and has disagreed with the Fed chairman's methods.

        Mr. Bunning, who studied economics at Xavier University and worked as a stockbroker after his professional ball-playing days, said Mr. Greenspan reacts too slowly when it comes to cutting interest rates. Where others see brillance on the part of Mr. Greenspan, (who got a bachelor's, master's and Ph.D. at New York University), Mr. Bunning sees opportunities lost.

        While Mr. Greenspan cut interest rates twice in recent weeks, Mr. Bunning argued that rates should have been slashed in December, if not November.

        Doing so would have helped to reignite the nation's fizzling economy, Mr. Bunning said.

        “I studied economics about the same time as Alan Greenspan and my professors at Xavier were better than his” at NYU, Mr. Bunning said Tuesday.

        Anyone who knows of Mr. Bunning knows such confidence is not uncommon for the Southgate Republican. He practices politics like he played baseball — tough and aggressive.

        So, how about this curveball from Mr. Bunning? He says it might be time for Mr. Greenspan to go. Mr. Bunning has suggested that Mr. Greenspan ask President Bush if he is still wanted on the job.

        I couldn't reach Mr. Greenspan or the president — imagine that — but I'm pretty sure that Mr. Bush is not anxious to show Mr. Greenspan the door.

        That isn't going to stop Mr. Bunning from “holding Alan Greenspan's feet to the fire,” an opportunity the senator will have as chairman of the Senate Banking Committee's Economic Policy Subcommittee.

        One of Mr. Bunning's duties is overseeing the federal government's monetary policy.

        Mr. Bunning said he will keep calling for Mr. Greenspan to low er rates to avoid “a full-blown recession.”

        Expect Mr. Bunning to call Mr. Greenspan before his committee. If the chairman shows, he had better wear a helmet or risk taking a fastball from Mr. Bunning — metaphorically, of course — upside the head.

       Patrick Crowley covers Kentucky politics for The Kentucky Enquirer. He can be reached at 578-5581, or by e-mail at pcrowley9@home.com.

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