Posted on 10/12/2011 11:06:54 AM PDT by Wilderness Conservative
GOP presidential contender Herman Cain is surging in the polls, but his support of Alan Greenspan is unlikely to win approval from his Tea Party fans.
At the Republican debate Tuesday night, Cain touted the former chairman as the best leader the Federal Reserve has had in the past 40 years, even though the controversial chairman has admitted that his decisions weren’t always right.
“The way Alan Greenspan oversaw the Fed and the way he coordinated with all of the Federal Reserve banks, I think that it worked fine back in the early 1990s,” said Cain, who served as chairman of the Federal Reserve Bank of Kansas City.
(Excerpt) Read more at abcnews.go.com ...
“in the early 1990s” was the qualifying statement...and in essence, I agree, IN THAT TIME FRAME.
However, this could hurt him, a little.
Cain said that Greenspan did good during his earlier career. Later on, he screwed up, and Cain said that too.
I'm no fan of Greenspan either, but the only way we're going to smack down the Fed with the current crop of candidates is to elect Ron Paul. Paul is dead right on this issue, but he's nuts on national defense.
Cain could be better on this issue, but he's sane on national defense and most of the rest.
All I can say about Greenspan is that he was no where as bad as Bernanke. My vote goes to the best Fed Chair during my lifetime...see my tag line and why I chose my user ID.
I posted a list of the chairmen for the last 40 years on another thread. A better answer would have been “None of the above,” but that was not a choice offered, so would have looked like an evasion. The question was tantamount to “have you stopped beating your wife yet?”
Am I reading this right? HC used to be the chairman of the Kansas City Fed?
Cain's positions throughout Greenspan's tenure should be public record - we should go back and check how much Cain agreed or disagreed on major policy decisions.
But at this juncture I think HC would do himself more harm than good by bashing the Fed. Not that it's not justified. But the majority of the electorate doesn't really have a clue and will fall prey to the inevitable MSM spin.
Don’t know which is worse..Greenspan or his wife Andrea Mitchell...Greenspan has evolved into a Clinton fan..Greenspan was horrible as Fed Chairman..Toward the tail end of Tuesday night’s WaPo-Bloomberg debate, the Washington Post’s Karen Tumulty asked Herman Cain who he felt was the most successful Federal Reserve chairman. Cain briskly responded with “Alan Greenspan,” saying that “the way he coordinated with all of the Federal Reserve banks” was admirable. Fellow candidate Ron Paul then (predictably) followed up with a blunt “Alan Greenspan was a disaster.”
Cain’s response warrants a double take: even Alan Greenspan publicly acknowledged that Alan Greenspan was an abject disaster
Gotta LOVE Newt on the Federal Reserve...http://www.realclearpolitics.com/video/2011/10/11/newt_slams_media_for_not_demanding_transparency_of_federal_reserve.html
TRANSCRIPTS FROM THE DEBATE:
GOLDMAN: Thank you, Charlie.
Mr. Cain, you disapprove of Fed Chairman Ben Bernanke, and we all know that your priority is 999. But one of the most important appointments that you’re going to have to make your first year, should you be president, would be Fed chairman.
So which Federal Reserve chairman over the last 40 years do you think has been most successful and might serve as a model for that appointment?
CAIN: Alan Greenspan.
GOLDMAN: Why?
CAIN: Because that’s when I served on the board of the Federal Reserve in the early 1990s. And the way Alan Greenspan oversaw the Fed and the way he coordinated with all of the Federal Reserve banks, I think that it worked fine back in the early 1990s.
Now, on that same point, I have already identified two candidates — which I cannot give their names — to replace Mr. Bernanke, in anticipation of having that responsibility.
We must narrow the mission of the Fed first. I don’t believe in ending the Fed. I believe we can fix the Fed by getting their mission refocused on monetary price stability. And I have candidates in mind that will help us do that.
Read more: http://thepage.time.com/2011/10/11/complete-transcript-of-hanover-economic-debate/#ixzz1aaoV1TPV
Cain was very smart to qualify the “early 1990’s” because greenspan went off the rails in the early 00’s.
What the Tea Party knows about Greenspan could be put in a Tea Cup.
Ouside of the Paulbot circle, no one wants the Fed destoryed.
The want the Fed reigned in, which is what Cain said needed doing. They want it limited to it responsibility of providing sound monetary policy, which is what Cain said, but not destroyed, as Paul dreams of.
He has my grace on this issue, especially since he agrees with transparency, auditing the FED and restricting its overall function... Crimany folks, we got-a get behind somebody to pry Obama out of the WH, and every candidate has some issue that is going to cause conservatives to cringe. Besides, the FED is essentially an extension of the political views of whoever is in the WH, and we have to admit, Cain is far superior to another 4 yrs of O...
Love the way the Bush bot's, who loved Greenspan when he was Bush's choice, now what to paint him as a Clinton Crony.
Not really.
Outside of the Paulbot circle, no one wants the Fed destroyed.
The want the Fed reigned in, which is what Cain said needed doing. ,p>They want it limited to it responsibility of providing sound monetary policy, which is what Cain said, but not destroyed, as Paul dreams of.
They want it limited to it responsibility of providing sound monetary policy, which is what Cain said, but not destroyed, as Paul dreams of.
He’s not a communist like mitt or a flaming supporter of illegal invaders like perry... and he knows that we didn’t fight our Revolutionary War in the 16th Century.
LLS
Ron Paul said he likes Volcker. Wonder if he loves that Volcker rule that appeared on the marquee as he was saying that.
I wish Cain has choose him too. I was sitting there yelling “Volker” at the TV last night!
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