Experts Warn: Tax Hikes Would Undercut Economy Oct 29, 2009
During the second half of Clinton s first term, Clinton s modified policies validated the supply-side economic model by promoting free trade and tight-fisted budgets, signing a capital gains tax cut, appointing Alan Greenspan twice to the Federal Reserve Board, and enacting welfare reform, the authors wrote. In addition, the number of Americans on welfare declined from 4. (Human Events Online)
Brief history of men's underwear Oct 28, 2009
That's when former Federal Reserve chairman Alan Greenspan revealed that the state of the men's underwear industry is an important indicator of the economy's health. The logic Greenspan outlined regarding underwear was both simple and elegant. (CNN)
Where have the savers gone? Oct 28, 2009
This is why the expansive monetary policies favored by former Federal Reserve chairman Alan Greenspan, his successor Ben Bernanke, and others are so misguided. A capitalist economy cannot survive if its risk-free rate of return is below or close to zero for prolonged periods because people will have no incentive to defer consumption and so capital will disappear. (Asia Times Online)
Central banks fret over asset bubbles Oct 26, 2009
Former Fed Chairman Alan Greenspan advocated a hands-off approach to asset prices during the US expansion that lasted six years until December 2007. He said it was easier to clean up the mess of a bust than to spot bubbles and that monetary policy was too blunt to deflate them. (Sydney Morning Herald -- Business)
Behind Fed's move to regulate pay Oct 23, 2009
Former U.S. Federal reserve Chairman Alan Greenspan, who ran the institution from 1987 to 2006 and was regarded during much of that period as a financial deity, didn't consider it the central bank's business. Neither did his successor, Ben Bernanke. (India Times)
Dollar's drop no cause to worry, for now Oct 21, 2009
Alan Greenspan, former head of the U.S. Federal Reserve, said last week he is not "overly concerned" about the recent slide. He pointed out, however, that the U.S. ability to finance its debt -- the "cushion" that made the dollar the world's currency of choice -- is declining. (Xinhuanet, China)
Biden Declares U.S. Is in a Depression Oct 21, 2009
It's a depression for millions of Americans, through no fault of their own," he said. Certainly, the U.S. economy shrank by 0.7 percent in the second quarter. Yet nearly all economists now forecast an expansion for the third quarter. Former Federal Reserve Chairman Alan Greenspan goes so far as to predict third-quarter growth of 3 percent. Even Biden himself in recent weeks had said the economy has been in "a great recession," explicitly stating its not the same as a depression. Biden's... (Newsmax)
Clinging to misguided mentalities Oct 20, 2009
Former Federal Reserve chairman Alan Greenspan and current chairman Bernanke are inflationists. The inflationists have been running the show since easy credit was employed to juice the system after the 1987 stock market crash. (Asia Times Online)
2009 federal deficit surges to $1.42 trillion... Oct 18, 2009
But Alan Greenspan, who led the 1983 commission that made changes to avert a crisis in Social Security, said in an interview that he was optimistic that politicians will eventually work out a solution. "I have always been a great supporter of Winston Churchill's statement about the United States," Greenspan said. (The Drudge Report)
Electronic Privacy Information Center: Privacy Oct 17, 2009
Federal Reserve Chairman Alan Greenspan delivered a major discussing privacy and electronic payment systems, noting the need for policies that "avoid the risk of a gradual, long-term erosion of privacy." Also, check out an by Greenspan on the important role of cash transactions for consumers. The technologies used to secure digital files will enable profiling of consumers and prevent anonymous consumption of content. (Yahoo News -- Online Privacy)
Greenspan: Dollar Slide No Worry Oct 16, 2009
Former Federal Reserve Chairman Alan Greenspan said on Thursday he was not too worried about the latest bout of selling in the U.S. dollar, which recently hit a 14-month low. "I am not overly concerned," Greenspan said at a Council on Foreign Relations meeting. (Newsmax)
Greenspan worries about U.S. debt, not dollar slide Oct 16, 2009
NEW YORK, Oct. 15 (Xinhua) -- Former Federal Reserve Chairman Alan Greenspan said he is more worried about the increasing U.S. debt than the weakening dollar during a meeting here on Thursday ... Former Federal Reserve Chairman Alan Greenspan speaks at the Council on Foreign Relations in New York, the U.S., Oct. 15, 2009 ... Former Federal Reserve Chairman Alan Greenspan speaks at the Council on Foreign Relations in New York, the U.S., Oct. 15, 2009. (Xinhuanet, China)
The Dow hits 7537! Oct 16, 2009
On the deregulated derivatives market it would help to note the role Alan Greenspan, Robert Rubin and Larry Summers all played in getting Congress not to regulate the derivatives market under the Clinton administration. During the Clinton administration, Fed Chair Alan Greenspan, Treasury Secretary Robert Rubin and Deputy Treasury Secretary (now director of the National Economic Council) Larry Summers crushed an effort by independent-minded regulators to adopt modest regulation of financial... (Atlanta Journal-Constitution -- Opinion)
Greenspan: U.S. to Grow 3 Percent Oct 16, 2009
Alan Greenspan, accused of being overly optimistic when he was Federal Reserve Chairman during from 1987 through 2006, is bullish on America again. He sees the economy growing strongly this quarter. (Newsmax)
The American (Energy) Patient Oct 14, 2009
Both Lounsbury and Hutzler deal with investment and conversion costs, however my position has been -- and remains -- that in addition to these expenditures, the availability of natural gas is not very different from what it was several years ago, when people like the former Federal Reserve Chairman Alan Greenspan, as well as a number of corporate executives, suggested that gas-intensive U.S. industries and activities could expect some very bad news in the near future if large quantities of new... (Energy Pulse, CO)
Stiglitz: Irrational Exuberance Is Back Oct 10, 2009
Former Federal Reserve Chairman Alan Greenspan warned of irrational exuberance in the stock market 13 years ago. Nobel laureate economist Joseph Stiglitz warns of it today. (Newsmax)
Greenspan: Serious Inflation Risk Ahead Oct 10, 2009
The United States may need to tighten credit and raise taxes to get the economy out of the worst recession since the 1930s, says former Fed Chairman Alan Greenspan. The budget deficit for 2009 should widen to $1. (Newsmax)
* Gold price tops US$1,054 per ounce Oct 9, 2009
Surging gold prices are a signal that investors are buying metals to hedge against declining currencies, according to former Federal Reserve chairman Alan Greenspan. The gains for commodities demonstrate a move away from paper currencies, Greenspan said last month. (Taipei Times, Taiwan -- World)
How to disarm theliquidity bomb Oct 7, 2009
Higher short-term interest rates would give US savers at least a zero real after-tax risk-free return on their money, thus ending the odious Keynesian "euthanasia of the rentier" that Bernanke and his predecessor, Alan Greenspan, have been undertaking since 1995. Most important, a really frightening crisis in the Treasury bond market would bang the heads of Congress and the Barack Obama administration against the wall, and force them to start getting the budget deficit under control. (Asia Times Online)
The 20 most stressed counties Oct 6, 2009
ABC's "This Week" - Former Federal Reserve Chairman Alan Greenspan; Sens. Chuck Schumer, D-N.Y., and John Cornyn, R-Texas. (Fresno Bee -- Nation)
Greenspan: Higher Taxes are Certain Oct 6, 2009
Tighter credit and higher taxes are the only ways to fix our still struggling and debt-ridden economy, former Federal Reserve Chairman Alan Greenspan tells Bloomberg News. "The presumption that we're going to be able to resolve this without significant increases in taxes is unrealistic," he said. (Newsmax)
Lineup for Sunday's TV news shows Oct 5, 2009
Channel: 7 ABC's "This Week" - Former Federal Reserve Chairman Alan Greenspan; Sens. Chuck Schumer, D-N.Y., and John Cornyn, R-Texas. (San Francisco Chronicle)
Greenspan sees period of 10 percent joblessness Oct 5, 2009
"This is an extraordinary period and temporary actions must be taken, especially to assuage the angst of a very substantial part of our population," Alan Greenspan told ABC's "This Week." ... WASHINGTON - Former Federal Reserve Chairman Alan Greenspan predicted on Sunday that the jobless rate will pass 10 percent and stay there for a while, and a second stimulus plan is not needed now. (MSNBC -- Business)
Financial Bust Connected to Illegal Alien Mortgages Oct 5, 2009
Low interest rates by the Federal Reserve, lowered standards by FannieMae and FreddyMac, securitized mortgages (derivatives and collateralized debt obligations -- a real alchemic brew), the machinations of Barney Frank and Chris Dodd, the Community Reinvestment Act, Alan Greenspan, and so forth. etc. (Human Events Online)
Greenspan: Jobless Rate Likely to Pass 10 Percent Oct 5, 2009
Former Federal Reserve Chairman Alan Greenspan predicts that the unemployment rate will push past 10 percent and stay at that level for a while. "Pretty awful" is how Greenspan describes Friday's report that the unemployment rate has risen to 9. (ABC News -- Wire)
Lineup for Sunday's TV news shows Oct 5, 2009
Channel: 7 ABC's "This Week" - Former Federal Reserve Chairman Alan Greenspan; Sens ... Lineup for Sunday's TV news shows Articles Guest lineup for the Sunday TV news shows: Channel: 7 ABC's "This Week" - Former Federal Reserve Chairman Alan Greenspan; Sens. (San Francisco Chronicle -- Politics)
Greenspan: Jobless rate to top 10 percent Oct 5, 2009
WASHINGTON - Former Federal Reserve Chairman Alan Greenspan predicted Sunday that the jobless rate will pass 10 percent and stay there for a while, and a second stimulus plan is not needed now. He spoke favorably of extending unemployment benefits and tax credits for health insurance, options the Obama administration is considering for helping people laid off during the recession. (Athens Banner-Herald)
Greenspan: Expect 10 Percent Unemployment Oct 5, 2009
In an Exclusive Interview on 'This Week,' Alan Greenspan Says Unemployment Will Likely Reach 10 Percent ... Former Federal Reserve Chairman Alan Greenspan discusses job loss, the economy and what's to come during an exclusive interview on ABC's "This Week." (Fred Watkins/ABC). (ABC News)
Greenspan favors new taxes to bring down debt Oct 3, 2009
Higher taxes of some sort are needed to bring down the U.S. budget deficit and national debt, former Federal Reserve Chairman Alan Greenspan said Friday. Greenspan asserted that lawmakers should consider radical changes to tax and spending regimes in the country in order to bring an expanding national debt under control. (TheHill.com)
When the US fairy dust ran out Oct 3, 2009
It did not help that the Federal Reserve chairman Alan Greenspan kept sprinkling the economy with the equivalent of fairy dust - low interest rates and assurances that "the magic of market forces obviated the need for government regulation", Goodman says. When the magic wore off, Americans were buried in consumer credit - more than $US2. (Sydney Morning Herald -- Business)
Named and shamed Oct 3, 2009
That was a first intervention by the man Ritholtz assigns the greatest slice of blame for the current debacle, former US Federal Reserve chairman and financial superhero Alan Greenspan. (Oddly and disappointingly, the book barely mentions the government's US$180 billion Savings & Loan bailout of the early 1990s. (Asia Times Online)
IMF beats gold-auction drum Oct 2, 2009
I am indebted to former Federal Reserve chairman Alan Greenspan for a great line in one of his speeches, entitled "The History of Money", from where I borrowed my title. He wrote: "If fiat money falters, we may have to go back to oxen as our medium of exchange. In that event, I trust, the Federal Reserve will have an adequate inventory of oxen." [1. (Asia Times Online)
Greenspan sees growth slowing as stocks 'flatten out' Oct 1, 2009
Former Federal Reserve Chairman Alan Greenspan said he sees the US economy slowing next year as the surge in stocks comes to an end. "The odds are we flatten out," Greenspan said today in a Bloomberg television interview, referring to the equity market. (Sydney Morning Herald -- Business)
Too much of a good thing ... Oct 1, 2009
Alan Greenspan told a congressional committee that ''the benefits of broadened home ownership were 'worth the risk''' associated with the loosening of mortgage-lending terms. Unfortunately, many of those enticed into home ownership by these ''innovations'' were unable to maintain their financial commitments once the initial interest rate discounts that many of them featured had expired, or as interest rates began rising and home prices began falling. (Sydney Morning Herald -- Business)
Running out of road Sep 30, 2009
A wonderful irony is that the Keynesians are using the same formula as one used by the person they apparently detest the most, former US Federal Reserve chairman Alan Greenspan, but then we shouldn't get too bothered about things like principles at this stage of the global game. (See also , Asia Times Online, June 6, 2009. (Asia Times Online)
East fails to meet West for Palin Sep 30, 2009
Previous CLSA forums have been addressed by, among others, former president Bill Clinton, former chairman of the US Federal Reserve Alan Greenspan, rock star Bono and South Africa's Archbishop Desmond Tutu. A CLSA spokesman said the firm decided to bar the media from Palin's speech so that she would feel "unfettered" in her remarks. (Asia Times Online)
HSBC bids farewell to dollar supremacy... Sep 25, 2009
" If there is, then goodness will prevail. If not, then we are all doomed to eternal damnation, dollar or no dollar. America is God's champion. Her mission is to protect freedom and liberty for everyone, not just Americans. Those misusing her power and resources will pay a hefty price when the Spirit World opens its doors and the multitudes there come down here to set things right. Keep in mind, the physical earth only has 6.5 billion people, but the Spirit World has well over hundreds of... (The Drudge Report)
Palin speech to Hong Kong investors divides opinions Sep 23, 2009
Past keynote speakers include former U.S. President Bill Clinton, former Vice President Al Gore, rocker and activist Bob Geldof, South African Archbishop Desmond Tutu and former U.S. Federal Reserve chief Alan Greenspan, Wheeler added. The selection of Palin has received a lot of support, but there also are critics, Wheeler said. (CNN -- International)
How Bush saved the country fromBush Sep 23, 2009
Alan Greenspan identified it as a house of cards on December 5th, 1996 when he identified the housing market as caught up in irrational exuberance. I ll concede that Bush didn t do anything to stop the nonsense but to claim it was Bush s Mess is to completely ignore the eight year history before Bush. (Atlanta Journal-Constitution -- Opinion)
Singapore move to burst bubble Greenspan missed Sep 22, 2009
AS ALAN GREENSPAN tirelessly makes the rounds to save his legacy, Singapore is reminding us why the former Federal Reserve chairman's efforts are not working. Mr "We Can't Detect Bubbles" probably never thought he could learn a thing or three from an economy of 4. (Sydney Morning Herald -- Business)
Beazley's posting fits like a new bomber jacket Sep 21, 2009
In 1999 he gathered for his leader a glitterati crowd that included then Federal Reserve chief Alan Greenspan and secretary of state Madeleine Albright. Peacock and Beazley make for an interesting comparison. (Sydney Morning Herald -- Opinion)
IMF approves sale of some of its gold Sep 19, 2009
The IMF is expected to use some of the proceeds from the gold sales to diversify its sources of income by setting up an endowment fund, as recommended by a panel of experts that studied IMF finances, including former Federal Reserve Chairman Alan Greenspan. In recent years, some countries with thriving economies managed to pay off their IMF loans ahead of time, reducing income the IMF derived from loan interest and putting a strain on its finances. (Fresno Bee -- Business)
U.S. housing market on track of sustainable upturn? Sep 18, 2009
In the long run, the "irrational exuberance" as the former Fed Chairman Alan Greenspan put it, seems unavoidable. "It is not the first time of a housing bubble bust, and I bet it will not be the last time," Li observed. (Xinhuanet, China)
Politics of the financial crisis Sep 17, 2009
Bernanke and his predecessor, Alan Greenspan, now concede that the Fed failed to anticipate the full danger posed by the explosion of subprime mortgage lending made possible by their loose monetary policy. As recently as the spring of 2007, Bernanke still insisted that the problems of the housing market were largely "contained" to subprime mortgages. (Asia Times Online)
Garfield gets it Sep 17, 2009
asleep on the couch, snoring and snorting and having a wonderful time while taking a well-deserved nap after spending the busy morning writing hate mail to the Federal Reserve ("Dear Morons, I hate your guts because you are the weenies who have so little intelligence that you let the foul Alan Greenspan, chairman of the Federal Reserve 1987-2006, create So Damned Much Money (SDMM) and with So Damned Little Oversight (SDLO) that it allowed massive, MASSIVE bubbles in debt that produced bubbles in... (Asia Times Online)
Financial Innovation Under Fire Sep 17, 2009
Many top economists, including former Federal Reserve Chairman Alan Greenspan, once lauded subprime mortgages as a fantastic innovation. With this fresh in mind, there's a risk that government will overreact and suppress good ideas along with bad ones. (BusinessWeek)
Poor response Sep 16, 2009
"[A] crisis will happen again," says former Federal Reserve chairman Alan Greenspan, "but it'll be different. They are all different. "But they have one fundamental source, and that is the unquenchable capability of human beings, when confronted with long periods of prosperity to presume that it will continue. And they begin to take speculative excesses. (BBC News -- Business)
Fed's steps to aid banking system raise risks, too Sep 15, 2009
In 1998, Fed Chairman Alan Greenspan and his colleagues engineered a private bailout of a hedge fund, Long-Term Capital Management, out of fear its collapse would endanger the economy ... After a mostly hands-off stance during Alan Greenspan's 18-year tenure at the Fed, the Bernanke Fed responded to congressional and public outrage and cracked down on shady mortgages and abusive credit card practices. (Muscatine Journal, IO)
Greenspan: 'This will happen again' Sep 14, 2009
Alan Greenspan is interviewed as part of BBC2's Love of Money season to be broadcast at 2100 BST on 10, 16 and 23 September. Story Tools. (BBC News)
Miranda Devine Sep 12, 2009
On the eve of the first anniversary of the Lehman Brothers collapse, which triggered the global recession, the former US Federal Reserve chairman Alan Greenspan this week blamed the ensuing global. Miranda Devine 12. (Sydney Morning Herald -- Opinion)
Fed needs theme song to add pop Sep 12, 2009
Now under a powerful personality like Alan Greenspan, a theme song may not have been needed ... Besides, you can almost see Alan Greenspan joining in and whistling that happy tune. (Daytona Beach News Journal -- Local)
We're losing our minds over technology Sep 12, 2009
On the eve of the first anniversary of the Lehman Brothers collapse, which triggered the global recession, the former US Federal Reserve chairman Alan Greenspan this week blamed the ensuing global financial crisis on "human nature". He was echoing comments by the US President, Barack Obama, who blamed recent economic woes on "reckless greed and risk-taking". (Sydney Morning Herald -- Opinion)
Bogged down at the Fed Sep 11, 2009
The first is ideological: despite Bernanke's subscription to Milton Friedman's non-provable counterfactual conclusion that central banks can eliminate market crashes with timely and aggressive monetary easing, Bernanke is on the same ideological side of his predecessor - serial bubble wizard Alan Greenspan - who argued that monetary authorities are best positioned to clean up the mess after the bursting of asset bubbles than to pre-empt the forming of the bubble itself. This ideological fixation... (Asia Times Online)
Financial crisis, one year later Sep 11, 2009
Alan Greenspan, the former chief of the Federal Reserve who is bristled by many for presumably having fired up the American equity bubble with long-term low rates, warned lately in an interview with The Times that the crisis "will happen again" , mostly because of "human nature" of hoping for and eating a bigger pie. Unless the men's greedy nature is changed, he predicted more crashes would be inevitable, though the next one may take a different form. (People's Daily Online, China)
From Huffington Post Sep 10, 2009
In 2004, after "flipping" had become a term cops and janitors were using to describe the way to get rich in real estate, then-Federal Reserve Chairman Alan Greenspan said that "a national severe price distortion [is] most unlikely." A year later, current Chairman Ben Bernanke said that the boom "largely reflect strong economic fundamentals.". The Fed also failed to sufficiently regulate major financial institutions, with Greenspan -- and the dominant economists -- believing that the banks would... (Harper's Magazine)
Greenspan says further financial crisis 'inevitable' Sep 10, 2009
Former Federal Reserve chief Alan Greenspan speaks to attendees of a real estate summit hosted by the National Association of Realtors in Washington, DC, in May ... LONDON (AFP) - Former Federal Reserve chief Alan Greenspan said human nature made another global financial crisis inevitable, in an interview with BBC television on Wednesday. (Yahoo! Asia News)
Reality excluded Sep 10, 2009
But before I get too hard on The Economist magazine, I will note that it is exactly right when it says that the reappointment of Ben Bernanke as chairman of the Federal Reserve "ignores the fact that Mr Bernanke was complicit in creating the loose monetary conditions which fueled the financial frenzy in the first place. As a governor of the Fed earlier this decade, he was even more convinced than Alan Greenspan that central banks had no business raising interest rates to head off asset... (Asia Times Online)
Electronic Privacy Information Center: Privacy Sep 9, 2009
Federal Reserve Chairman Alan Greenspan delivered a major discussing privacy and electronic payment systems, noting the need for policies that "avoid the risk of a gradual, long-term erosion of privacy." Also, check out an by Greenspan on the important role of cash transactions for consumers. The technologies used to secure digital files will enable profiling of consumers and prevent anonymous consumption of content. (Yahoo News -- Online Privacy)
US ex-bank chief warns of new crash Sep 9, 2009
Alan Greenspan: 'This will happen again. The world will suffer another financial crisis, former Federal Reserve chief Alan Greenspan has told the BBC. ... Alan Greenspan, former US Fed chief. (BBC News -- Americas)
U.S. Banks Need to Have Higher Capital: Greenspan Sep 8, 2009
MUMBAI (Reuters) - Banks in the United States need higher capital than they currently have, Alan Greenspan, former chairman of the Federal Reserve told a Mumbai conference via satellite on Monday. "I think even in non-euphoria, non-crisis times, we need to have a larger buffer than we currently have," he said. (ABC News -- Wire)
Management idea: Corporate governance Sep 8, 2009
Manifestations of lax corporate governance, in my judgment, are largely a symptom of a failed CEO, said Alan Greenspan, when chairman of America s Federal Reserve Board. Once you as CEO go over the line, then people think it s okay to go over the line themselves, said Lawrence Weinbach, chairman of Unisys, a big American computer-software firm. (The Economist)
* Why Lehmans couldnt be saved Sep 8, 2009
With every institution racking up hefty losses, there was no appetite for a reprise of the deal struck by former Federal Reserve chairman Alan Greenspan to bail out Long-Term Capital Management, the New York hedge fund which had collapsed 10 years earlier. But that presented a second problem, because the UK authorities had said they were only prepared to sanction a Barclays bid for Lehman if there was a hefty financial guarantee, from either the private sector or the US Treasury. (Taipei Times, Taiwan -- World Business)
Bailout Nation: Obama and Congress Get F in Economics Sep 7, 2009
The Great Housing Bubble - built upon easy credit engineered by the then Federal Reserve Chairman Alan Greenspan - had popped. As the debt balloon imploded, it sucked in the banks, insurance companies, stock brokers, automobile manufacturers, retailers and housing manufacturers. (Human Events Online)
Did Bernanke save US from crisis? Sep 6, 2009
Yet Bernanke does not escape his share of blame for the crisis, both for his role as a Fed governor under then-chairman Alan Greenspan from 2002-2005 and after taking the helm at the central bank in early 2006 as the crisis was unfolding. Economist Allan Meltzer at Carnegie Mellon University said the Lehman collapse represented a mistake of historic proportions. (India Times)
Human factor Sep 5, 2009
ALAN GREENSPAN, FORMER US FEDERAL RESERVE CHAIRMAN THE target has been set: Vision 2020 is the destination. The map is ready, and the machineries are being put in place. (The Star Online, Malaysia -- Business)
