Democratic Hopeful Dean Calls for Greenspan Ouster

[denverbill]

http://story.news.yahoo.com/news?tmpl=story&cid=615&e=7&u=/nm/20040123/pl_nm/campaign_dean_greenspan_dc

LONDONDERRY, N.H. (Reuters) - Democratic presidential contender Howard Dean (news - web sites) said on Friday that he thought Alan Greenspan (news - web sites) had become too political and should be replaced as chairman of the U.S. Federal Reserve (news - web sites).

"I think Alan Greenspan has become too political. If he lacks the political courage to criticize the deficits, if he was foolish enough -- and he's not a foolish man -- to support the outrageous tax cuts that George Bush put through, then he has become too political and we need a new chairman of the Federal Reserve," Dean said in response to a question from an audience at a town hall meeting in Londonderry.

He said he thought the Fed had done a "terrific job" and that it was "absolutely critical" to make sure it remained independent.

Although the Fed chief in 2001 backed the notion of tax cuts, Greenspan has in the past warned of the dangers of high budget deficits.

<snip>

[Just Me]

1. Greenspan's warnings were way too soft,...

,...he likes his job too much to have actually been more out-spoken, leaving the hard-hitting to the hard-liners. If Dubya is re-elected, I wonder if Alan will elect retirement?

[denverbill]

2. GHWB hated Greenspan's guts and thought he cost him reelection.

He was appointed by either Bush I or Reagan so he was expected to toe the Republican line. But when he instead did his duty and kept interest rates high when inflation was a problem, Bush thought it cost him the election.

All through the 90's, Greenspan bitched about the deficit and told Congress repeatedly not to cut taxes or he would have to raise rates. Then, come 2001, he suddenly doesn't give a damn anymore.

[David__77]

3. This is a plus to me.

I'm tired of the establishment of both parties basically agreeing on neo-liberalism as personified by Greenspan. It's time to boot him out and restore some sanity to our monetary policies.

[emc]

4. hang on at all costs

After reading the book---the price of loyalty I realized something. First I was raised in the suburbs of Washington DC, and father was a government employee----so familiar with the system-----

My point is that things have changed since then----we no longer fill Washington cabinet positions with qualified people---we fill them with people who are political and need to build reputations for themselves----three in mind in this administration----Powell, O'Neill and Greenspan----none of these should have been in this administration for they didnt agree with the administrations policys such as Cheney and Rumsfelt and others. They (these three)only took these positions for political ambition and sullied their reputations by not resigning early... The only one I have any admiration for is O'Neill for getting out and he was fired. Powell couldn't get a job as janitor now and Greenspan has the reputation of being on his knees every day.....Washington has gone to hell since I left-------no wonder people get a bad impression of people inside the beltway-----

[piece sine]

7. "Powell couldn't get a job as janitor now"

hmmm...how much money do you wanna put on that assertion? I'm in one of the largest Democratic law firms in Washington, D.C. and we'd pay mid-seven figures for a rainmaker like Powell. He happens to be one of the statistically most popular people in the country right now.

Oh sure, we hate his foreign policy at DU, but most people admire the guy far more than we at DU want to admit. Truth is, once we start objectively looking at he world the way it is -- we actaully might get somebody elected. BTW: The man who couldn't be "janitor" is everyone in DC's best-guess to be the Pubbies' 2008 Presidential candidate. If you're going to go after Powell, please sound like you know what you're talking about.

[emc]

8. I would expect that--

A janitors position is a cut above a lawyers----So forgive me if I forgot that you lawyers were on the rung below janitors---my mistake--
I grew up in a community of lawyers and as far as I am concerned all you guys ought to be sent over to Iraq-----You deserve Powell---

[republicansareevil]

11. Thanks for sharing.

I think that statement gives us all a good perspective on what sort of person you are and how much we should value your insights.

[emc]

18. my thoughts

I am a humanitarian, everyone needs a chance at a good education, good job and health benefits---so don't lecture me on incites---I worked hard all my life, went to college and retired, or so I thought until Bush came along---my 401 like others went south. Due to lawyers and the supreme court, as asshole became president...I have respect for lawyers who give time to the peoples cause---(ACLU) etc,which incidentally we only as a nation, see that crap on TV, it doesn't happen in the real world, most are bottom trawlers---- I really don't have respect for a firm that would hire a lier like Powell for their law firm because of his name....The guy sold out and thats all there is to it....He isn't even as critical as O'Neill---Have you read the book (The price of loyalty), I have and at least O'Neill had the balls to stand up for what he thought was wrong in this administration....has Powell???----All Powell has turned out to be as an Uncle Tom-----He is finished except for a law firm that needs a name attached to it----...

[Zhade]

19. Powell SHOULDN'T get ANY job - except maybe a trustee job in prison.

He's a war criminal.

He first came on the scene as an apologist for the My Lai Massacre.

Fuck Powell. He's as much a traitor as the rest of them.

[Monte Carlo]

5. I get mixed feelings from this...

... as I have mixed feelings about Greenspan. Sure, he was appointed by Reagan, and he is a Republican, but he's no ideologue.

Other than political reasons, can Dean offer a good, economic argument as to why Greenspan should step down? I know Dean went to college to be a stockbroker, so he might know something about this. I'm studying to become an actuary, so I'm curious.

[Bandit]

6. It always amazes me how much I agree with what Dean says

If he doesn't get the nomination at least he is saying what needs saying because most Democrats are not.

[sendero]

12. Dean is out in front...

... and nails it as usual.

[Jacobin]

15. I know what you mean

He nails it again. The man is relentless and I love him for it.

[davhill]

9. Would like to see Rubin as Fed Chairman

I think the ecomomy would like it too

[peterh]

10. There appears to be conflicting news on this subject…

I like Dean, but sometimes I think he throws some Jack Kemp type passes and the media is either left to wonder or just drops the ball…..



NEW YORK (Dow Jones)--Although critical of two aspects of Federal Reserve
Chairman Alan Greenspan's work, U.S. presidential hopeful Howard Dean said
Friday that the chairman "has done a fine job" and he wouldn't replace him if
elected president.
Interviewed on the Cable News Network, Dean criticized Greenspan for his
support of the Bush tax cuts and for not speaking out against the growing U.S.
deficit.
Earlier Friday, the Associated Press quoted Dean as saying that Greenspan "has
become too political."

Dean, asked if he would replace Greenspan, said "No, of course not." Greenspan
is widely expected to be renominated to another four-year term as chairman when
his current term expires in June.
Dean said on CNN, "I'm saying what I'm looking for in the Chairman of the
Federal Reserve is Paul Volcker, who I think was the most significant figure in
America during the '80s. He was the person who finally pushed us back into a
position where we could get rid of inflation and grow the economy..."

[UpInArms]

14. don't know where he is now,

but I would like to see someone as smart as Edwin Gray was back in the 80s in the Fed Chairman position.

[shanti]

13. greenspan was consulted by ahnold

wasn't he involved in the energy fiasco meetings? that's enough for me!

[many a good man]

16. Greenspan, like Powell, has trashed his own reputation

Neither will go out on a limb any longer to question policies that are putting us at risk. Greespan's remarks today in London are another example. He knows full well that the lost jobs aren't coming back and there are not any jobs to re-train for.

[emc]

17. shame

You know its a shame that Dean is loosing supporters because people don't think he is presidential. He has been the only man in the last 6 months to a year who has told it like it is. Hey, Kraft announced today it was letting 6000 people go...Dean has made the only argument that we need jobs, and he has screamed it. He has been heard by the public, but not the pundits, coarse they all have high paying jobs and hospitalization. They can sit back on their fat asses and make up shit that he is not presidential (one in particular Diane Sawyer)...Do they actually think the chimp is presidential....Jesus, give me a break.....

I just hope that which ever democrat wins the election (national) he gives Dean a part in the Government---he certainly deserves it.

[stevebreeze]

20. Greenspan has been overrated since day one

It is hard too see where Greenspan has ever done this country much good. One can see where he has served the banking industry and wall street, but he has constantly screwed the hard working people who make this country great.

Remember the natural level of noninflationary unemployment? It was a theory that if unemployment fell below 6% wage price inflation would occur. Greenspan dutifully kept unemployment higher then it needed to be despite a total lack of evidence of inflation.This was a pattern followed for years. Greenspan let interest rates drop and unemployment drop ONLY due to the Asian money crises. Greenspan intentionally kept millions of Americans out of work to keep wages low. He served the banks by keeping interest rates for mortgages artificially high relative to inflation. Greenspan should go and I am gratefully to Dean for his bold statement to that effect.
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