Posted on 09/17/2007 5:10:35 AM PDT by shrinkermd
Alan Greenspan’s new book draws on extensive public records he has previously given, interviews he has conducted with his contemporaries, and his personal notes and recollections. The resulting story is fact-filled. Still, there are a few points where his assertions differ from the historical record or with his public statements at the time, though they do not change the overall story. rticle.)
For example, he told President Gerald Ford that “recessions are like hurricanes — they range from ordinary to catastrophic.” He was relieved when the recession of 1974-75 turned out to be “the milder kind of storm.” But in fact, it was the most severe recession of the post-World War II period, according to the National Bureau of Economic Research, the official scorekeeper.
He recalls writing in a campaign speech for President Ronald Reagan that the 1980 recession had been “one of the major economic contractions in the last fifty years.” In fact, the NBER later determined it was the mildest. Mr. Greenspan points out in a subsequent interview that the point of his story is to show how Reagan went on to exaggerate what his speechwriters had said by referring to the “Carter depression,” despite their efforts to correct him.
Mr. Greenspan also describes the risks he was taking by moving to raise rates shortly after taking office in August, 1987 because the Fed “hadn’t raised interest rates for three years… The risk in clamping down during a stock-market surge is especially acute- it can pop the bubble of investor confidence.” In fact, Mr. Greenspan’s predecessor, Paul Volcker, had begun tightening monetary policy the prior fall, raising the federal funds rate a full percentage point, which in turn drove Treasury bond yields up over a point. The combined Volcker-Greenspan tightening undermined stock valuations, precipitating that fall’s crash
(Excerpt) Read more at blogs.wsj.com ...
Alan Greenspan, the former Federal Reserve chairman, said in an interview that the removal of Saddam Hussein had been “essential” to secure world oil supplies, a point he emphasized to the White House in private conversations before the 2003 invasion of Iraq.
My question is: “Who really wrote Greenspan’s book?”
I for one don’t think Greenspan did.
All I want to know is how much money Andrea Mitchell made off the Stock Market while her hubby was Chairman of the Federal Reserve.
“Honey, are you gonna raise interest rates today?”
I understand that Kermit the Frog refused to say last night on 60 Minutes where he has money invested.
Talk about someone having an overrated opinion of himself.
He must still think he’s head of the Fed. LMAO
Why Bush kept this clown on is a mystery to me.
And after what Mr. Loyality the All-American patriot has said about Bush recently; I’m sure he’s wishing he hadn’t!
“Why Bush kept this clown on is a mystery to me.” - kellynla
Perhaps you can name a Fed Chairman with a better record, but I doubt it.
Sorry dude....the mob has spoken.
Andrea? Is that you? ROFLMAO
I always respected Greenspan because he was married to a stinkin lefty but he always seemed to be above the fray.
Turns out he was only quiet until he retired. Dissapointing, but not surprising that he's a stinkin lefty too.
He's not Alan Greenspan, he's Mister Andrea Mitchell.
So you can name a Fed Chairman with a better record than Greenspan? Please give us his name.
I don’t know where you were in 1989; but those of us who were alive know this clown, who inherited a BOOMING ECONOMY & RECORD LOW INTEREST RATES, pulled the lamest stunt in Fed Reserve history by continuing to raise interest rates to prevent a nonexistent coming inflation which destroyed the economy and put us in a recession!! A better Fed Chairman? My dog would have been a "better " Fed Chairman! Bush I "I don't know why I reappointed him"...and his son didn't have any better sense...I bet GWB wishes he did now that Kermit pulled a "Benedict Arnold!"...Step away from the Kool-Aid, FReeper, Kermit is just another Leftie Loser!
The world has become “catastrophic-recession-proof” since the central banks around the world have adopted the “control inflation above all else” moniker.
I like today’s world versus the boom and bust days before Milton Friedman saved the world.
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