Alan Greenspan

Krugman On Hillary's Greenspan-love
March 26, 2008

Per that item I wrote yesterday about Hillary appointing Alan Greenspan to a "high-level working group"--it sounds like Paul Krugman had the same thought: Bad idea. As he writes on his blog: OK, this is pretty dumb. Hillary Clinton wants a high-level commission to analyze ways to resolve the mortgage crisis — including Alan Greenspan. Yes, I know people still listen when Greenspan speaks — and John McCain once joked about taking Greenspan’s advice even if he’s dead.

Hillary's Dubious Praise For Greenspan
March 25, 2008

Via Avi Zenilman at The Politico, I see Hillary has recommended that Alan Greenspan serve on a "high-level working group" on the mortgage crisis. She made the recommendation during an interview with the Phildelphia Daily News editorial board (yesterday, I think). Here's how one of paper's bloggers recounted it: So the Daily News asked, why Greenspan, that wasn't he off-base on the housing bubble, and here was her response: "Not only that, but the Fed didn't act while he was there.

Bank Shot
February 13, 2008

In the long narrative of central banking, there are few bursts of color. That’s why Federal Reserve Chairman William McChesney Martin’s journey to Lyndon Johnson’s ranch in 1965 leaps from the history books. Johnson extended an invite to Martin because he didn’t much like the tight monetary policy that the Fed had imposed—a war on inflation that placed severe constraints on Johnson’s wars (both on poverty and the Viet Cong). Down on the ranch, Martin received the full LBJ treatment.

Woodward On The Maestro
September 17, 2007

I'm a little late in coming to this, but it warmed my heart to see Bob Woodward giving Alan Greenspan the benefit of the doubt on his craven Bush-era fiscal-policy pronouncements. According to Woodward's write-up of Greenspan's just-released memoir, the former Fed chairman offers four explanations for his role in helping the Bushies blow a hole in the federal budget: 1.) Greenspan expected the president to veto a lot of spending bills; the president didn't live up to his end of the bargain. 2.) Greenspan didn't realize Congressional Republicans were so attached to pork.

Another suspect Bushie.
March 06, 2006

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Notebook
March 21, 2005

SOMETIMES THE TRUTH HURTS SENATE MINORITY LEADER HARRY Reid said something terribly impolite last week when he described Federal Reserve Chairman Alan Greenspan as a “political hack.” And yet, to the extent that it’s fair to describe Greenspan in two words or less, those two are as fair as any.  Greenspan has been an effective manager of monetary policy. He has also made a career of using his prestige to shill for Republican policies.

What the Boom Forgot
May 03, 2004

IN AN UNCERTAIN WORLD: TOUGH CHOICES FROM WALL STREET TO WASHINGTON By Robert E. Rubin and Jacob Weisberg (Random House, 427 pp., $35) THE CHASTENING: INSIDE THE CRISIS THAT ROCKED THE GLOBAL FINANCIAL SYSTEM AND HUMBLED THE IMF, Revised and Updated By Paul Blustein (PublicAffairs, 435 pp., $18)  THE ROARING NINETIES: A NEW HISTORY OF THE WORLD'S MOST PROSPEROUS DECADE By Joseph E. Stiglitz (W.W.

Overblown
July 07, 2003

Last June, the Federal Reserve quietly released a discussion paper that garnered little attention in the mainstream press but created a minor stir on Wall Street and in the rarefied world of academic economics. The paper, titled “Preventing Deflation: Lessons from Japan’s Experience in the 1990s,” was nominally about exactly what its title suggested: how the persistent deflation and economic stagnation that has followed Japan’s late-’80s bubble could have been avoided.

Less Than Zero
September 09, 2002

It's not every day that first-rate economists such as Paul Krugman and Berkeley Professor Brad DeLong offer the same economic advice as a knee- jerk Wall Street booster like Robert Novak. But that's pretty much what happened earlier this month, when all three men criticized Alan Greenspan for failing to lower interest rates amid mounting deflationary pressure.

Wretched Excess
December 03, 2001

After one of the best ten-year runs in economic history, the torrent of bad news flooding Alan Greenspan's office this January had to be jarring. The country had just seen its worst quarter of economic growth since 1995, and manufacturing activity had fallen to its lowest level since 1991. Spending by businesses on new plants and equipment had dropped for the first time in a decade. And the stock markets' decline, already nine months old, showed no signs of abating. So Greenspan lowered interest rates, over and over again.

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