Democratic Hopeful Dean Calls Greenspan - "too political"

[cthrumatrix]

Democratic Hopeful Dean Calls for Greenspan Ouster
1 hour, 50 minutes ago


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.

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20040123/ts_nm/campaign_dean_greenspan_dc_1

Dean is aying ...give me somebody who will do the "right thing" at the "right time" .

It's a tricky subject and financial minds will differ...but the intent is "don't play political games at the expense of the people".

[DoveTurnedHawk]

1. Interesting

I think this will play OK with Democrats. I don't think it will play very well with Independents, though. IMO, Greenspan is still a pretty respected (almost revered) figure.

DTH

[drfemoe]

27. Ahem

I think you are right. Interesting new dimension enters public debate. Faux asked Sharpton about how he would determine a replacement for Federal Reserve Chairman if he were Pres last night at the debate. Something that has been somewhat overlooked up to this point. It is almost assured that Greenspan will have to step down within the next five years, Dean indicates the sooner the better.

Of course Greenspan is too political. Of course it will play well with Democrats. As a life long Independent, I can assure you it will play VERY well with Independents as well. Think about this. Independents are less "political" than either Party. We are interested in best policies, without regard to partisan labels.

[Fleshdancer]

2. Here's my theory....

the day the book about O'Neil came out, The Price of Loyalty, Dean took the afternoon off from campaigning. I think he read the book.

;)

[youngred]

3. Not a good move howard

Not at all. Greenspan is the architect of the Clinton Boom years, and he has been openly fighting Bush's asnine economic policies since Bush entered office. He and O'Neil cannot stand Bush's policies and have openly said it.

Greenspan is set to retire soon anyway. :thumbsdown: to Dean on this one

[Hawkeye-X]

6. Actually that fact is wrong

Greenspan kept raising the interest rates during the Clinton boom, and went too high, then the rates started to drop during Dubya's crash, and is on the lowest in history. It didn't help Chimpy with his tax cuts, and Greenspan looks like a fool doing so, and is made irrelevant because of the comedy of errors that was committed.

Hawkeye-X

[youngred]

13. not necesarily

he raised it too high at the end because he bought the hype about the dotcoms, but for the most part he was behind helping it grow.

[LuminousX]

19. Greenspan failed and now his is too political

He started buying into the media frenzy that he was some sort of miracle worker. I believe the final year of the boom was IN SPITE of Greenspan, not BECAUSE OF. All indicators at that time were pointing to a softening of the economy and he didn't take any action to lower interest rates. Why? I believe it was a political choice.

[cthrumatrix]

7. I can go either way....the "market bust" is on Greenspans watch

he and Rubin....I'm not looking to blame...there's differing opinions.

Greenspan is ready to retire anyway...might be non-issue.

BUT...Greenspna DID differ from Bush in O'Neill's book....there is no confusion there.

[Maddy McCall]

4. Hmmm....Isn't that what Sharpton said in the pseudodebate last night?

Dean is following Sharpton's lead? Wow.

I don't remember this even being a talking point until Sharpton said last night that he would replace Greenspan if elected.

[cthrumatrix]

5. he goes on to say

Dean criticized Greenspan and Washington politicians within days of the New Hampshire primary.


"Listen to what they say. You can have middle-class tax cuts. You can have health care for every American ... you can help every American go to college. Do you believe that?" Dean asked a crowd of 200 people at a town hall outside of Manchester.

------------------------------------
and people seem to reply (see below)
-----------------------------------
There were signs that the message had hit home with people in the crowd. One of them, Larry O'Sullivan, 50, a salesman from Londonderry, said he wasn't considering Dean until he saw Dean in the debate Thursday night.


"But here I am because of the impression he gave in the debate, despite the fact that he looked like a yahoo a couple days before in Iowa. I think he made up for it," O'Sullivan said.

snip
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20040123/ap_on_el_pr/dean&cid=536&ncid=536

[xrepub]

8. Greenspan

I think Dean is correct that Greenspan is too political (either that or he has become senile). I don't think that criticizing him is a good political move.

[Rose Siding]

9. Isn't that ironic?

Telling the truth about someone being too political, isn't political enough.

[MODemocrat]

10. I've thought for a long time that Greenspan should go

If this economy is truly "recovering", why has the interest rates dropped to an all time low? When my husband and I retired in the late
nineties, we were getting 4.7% on our money market account. It has gone down steadily ever since Bush has been in the white house. Last month, it was .88%, and this month it dropped clear down to .75%.
I don't want anyone to even try to make me believe this economy is
good, or recovering. IMHO Greenspan is basing his decisions on politics.
:spank: :thumbsdown:

[BurtWorm]

11. US headline writers need to do their jobs! The article doesn't say

what the headline promises! DUers should also be careful about making headline writers ineptitude the standard for their own headlines.

Dean has merely said he thinks Greenspan is too political. Then he makes a condition under which he would change the leadership--oust Greenspan, if you will. He does not say "Dump Greenspan." Furthermore this was in response to a question, this is not a policy position. The abysmally inept headline feeds the idea that Dean is a loose cannon. Dean's position, as you say, is debatable. He would probably agree with that.

[cthrumatrix]

15. agreed and changed the thread title...

[BurtWorm]

16. Thank you.

:thumbsup:

PS: In fact the more I think about it, the more outraged I become at the INEPTITUDE--or maliciousness--of that headline!

PPS: To protest this piece of shit hit job write a nasty letter to:

[e-mail]

[Maddy McCall]

18. Thanks for clarifying, BurtWorm.

[BurtWorm]

21. You're welcome.

:hi:

[Guaranteed]

12. My God...Dean just keeps coming...

He's being VERY aggressive.

I guess he's seen their worst....they couldn't take him down, so now it's his turn.

[Democrats unite]

14. Dean is correct...

Greenspan needs to go.

[slinkerwink]

17. that's what I've thought for a long time!

The economy depends too much on whether Greenspan farts---if it's a good fart, the economy goes up, and if it's a bad fart, the economy tanks.

[Fleshdancer]

26. lol!!!!

I guess being a tool for Bush&Co makes a person very gassy...it goes along with being full of shit.

[David__77]

20. He's 100% correct: Retire Greenspan Now!

We'll all see some bad things happen if he retains his say over monetary policy.

[junker]

22. Dean should be told that it is the Fed, not Greenspan which is the problem

1) the National DEBT of the USofA citizens is for the most part owed to the Federal Reserve Bank which is a private institution NOT part of the Federal govt and which was created extra legally in 1913 and continues to operate extralegally to this day. Further it is owned by foreigners (over 70% of shares are not in hands of USofA citizens. Some of the shareholders of YOUR NATIONAL DEBT include the Queen of ENgland and her murderous child, Chucky). Further it is in the business of daily propping up the DOW (not their job) and is meddling constantly in ALL our financial markets as they try to save their asses.

2) The problem with Greenspan, and WHY he is suddenly super-political has to do with the (yes, one more time) the DEATH of the Federal Reserve Note (the dollar/buck). It has less than 1/18th the value it had on original issuance and is dying rapidly. The point of fiat currency is to absorb debt and the buck is a full-up sponge. Many of those in the know realize that the dollar will not last 18 months, and likely will die in the next 10 months.

3) The dollar death is NOT good for american exports as we export virtually (on a dollar weight basis) NO hard goods, instead, our chief 10 exports are intellectual property in the form of financial system products.

4) Ever since AL G. was annointed in late 80s we have had one financial crisis every 3 years or less. The rate of incease has increased, and the scope of the financial risk level doubles with each crisis. NOW the next crisis (currently underway) has at risk, the entire global financial structure (NOT THE ECONOMY, the financial system - they are different but the collapse of the financial system will cripple/alter the world). When this financial crisis breaks here in a couple of weeks, the begining of 4.4 million layoffs will start. THESE figures are projections from Fed Reserves OWN calcs. See minutes of Feb meeting in '98 when the LCTM risk analysis is discussed.

5) ALL democratic candidates had better wise up and realize that the conditions of the country 'financially' will radically, and rapidly change this year for the worse. The themes present now, will not be the themes of the campaign post June. Can just hear the Repub rehash 'fight' song for the campaign 'Happy days are here again...'

6) Send a PM if you work for candidate as a financial advisor and wish some further, extensive, eye-opening, gut wrenching, porcelain bowl worshiping education points and contacts.

[Gin]

25. Junker..I have read what your postsin the Economics room..I ask these

questions since I do not completely understand the whole situation.

What will the US look like when the dollar falls drmatically as you predict will happen?

I know you think having supplies is a good idea...what else will be necessary?

Gin

[Gman]

23. W blamed Greenspan for not doing enough to fix the recession in 1992

which W thinks caused poppy the election.

Can Greenspan do anything right?

[w13rd0]

24. Dean just secured the support...

...of several fairly heavy hitters in the financial consultation market I know. They've been clamoring not only for Greenspans removal, but the entirety of the Bush "economic team"...