Greenspan nominated for fifth term

Here's a news flash. Alan Greenspan has been nominated for a fifth term as Chairman of the powerful Federal Reserve.
I was just thinking the last time I saw Alan speak that he always seems to know what's going on with the economy and the country. Hmmmmm....could he have inside information?

"The Senate Banking Committee on Thursday approved President Bush's nomination of Alan Greenspan to serve a fifth term as chairman of the Federal Reserve.

The approval came on a voice vote with only Sen. Jim Bunning, R-Ky., voting against the nomination.

The banking committee chairman, Sen. Richard Shelby, R-Ala., has said that he plans to move Greenspan's nomination through the full Senate "as expeditiously as possible" with a vote possible by Friday.

Greenspan, 78, has guided the Fed since 1987 when he was tapped by President Reagan to succeed another legendary chairman, Paul Volcker. He was re-nominated to the Fed post once by Bush's father and twice by President Clinton."
complete story

Originally posted by DontTreadOnMe
I was just thinking the last time I saw Alan speak that he always seems to know what's going on with the economy and the country. Hmmmmm....could he have inside information?

You could say that. He runs it.

Seriously, I think some base their lives on an errant nod or wink from him. Way too powerful if you ask me. But he's been investigated to the hilt, and appears to stay above board. Doesn't dabble in speculative stocks he knows his comments will cause to rise and fall. But still, he's basically our economy God...and much more influential in many respects than the President.

RANT, always good to hear from you. Even better when we agree.

I guess I was getting at the fact that the Fed, as a front for the banks, really run the country, and really the world.
We just have the President et al in place to make it feel more democratic

Maybe I should have title this something with UFOs to get more responses

Why don't they stop keeping him there? He is no guru, he is good at pointing out the obvious, and on many occasions he has been slow to act.

I'll not go to the point of saying that he thwarted Bush's efforts at reelection in '92, but I will say his slowness to act created an environment that hurt Bush. Yeah, I know, Bush still blames Greenspan, but in regard to that, I do believe Greenspan is truly non-partisan.

I don't think I would say he was too slow to react. Greenspan sincerely wanted to slow the economy that was developing around the dot com asset bubble. With no underlying fundamentals, this was a major risk to the economy. Some of this may have been fueled by the amount of cash pumped into the economy in the build up to Y2K. With the economy roaring durring 2000 and very early in 2001 Greenspan raised rates to put the brakes on it. The problem was, none of the econometric models had dealt with an asset bubble based on air, rather than value or earnings. Trying to slow the economy and burst the bubble appeared to be too much to be absorbed as a single event. This, combined with the standstill we came to with the 911 attacks, have written a new chapter for the economists to learn from. I like Greenspan. I think he's done a good job without getting too bogged down in the political. Too bad he's already 78.

DTOM
How about this for attracting posts?

Greenspan An Alien Sent To Prevent Intergalactic Carnage!

Aliens have once again arranged the appointment of one of their own, Alan Greenspan, as Federal Reserve Chairman. Alien cultures, still concerned over the possibility of an economic meltdown on Earth and resulting nuclear holocaust have decided to keep Greenspan in this position for the good of the intergalactic community. It's been learned from un-named alien, gray and reptilian sources that Greenspan will continue his current assignment for another 462 quantaros, approximately equal to 897.4 Earth years.

Greenspan, originally from the planet Correctomoneysupplituscontrolerus in the galaxy Supplysidustrickledowntheorist, was first appointed to the Fed in 1987. The action was taken after the watchers determined that the lack of fiscal restraint being demonstrated by earthly economists was leading to an international economic crisis of biblical proportions. Computer models predicted this would result in a nuclear holocaust with severe damage spreading throughout several hundred thousand galaxies. Rather than simply destroying the planet, which makes up 85% of evening prime time comedy viewing throughout creation, the watchers enlisted the Supreme Intergalactic Economic Advisory Council to appoint a special advisor to take control of the situation. In accepting the position, Greenspan sought, and was granted perpetual royalties for earth comedy reruns. It should be noted that Greenspan comes from a long line of intergalactic economists.

On behalf of all earthlings, I would like to personally express my thanks to Alan for his sacrifice in keeping all of creation safe!




[edit on 6/19/2004 by CommonSense]

CommonSense~~
YOu have quite a flair for making fantasy fiction mirror reality.
Alas, there is still little interest. *I made a joke *

Are we giving one man too much credit here? Do you folks think all of this comes from Alan's gery matter? Or, is it a behind-the-scenes group and he is the mouthpiece?

Let's see if we can up the ante and generate a little more interest in this thread since we've already invested in it.

Actually I think Greespan should be given the credit. I believe that's why he's served under both Republicans and Democrats. (I tried to slide that one in to pick up the political interests). I've just started reading a book about him. I'm in no big rush to finish it but I'll let you know more about it when I'm finished. So let's take stock of what we've invested and attempt to maintain a steady growth in the thread post supply with interest in the subject.
CS

Wow - I didn't know that about Greespan. It sure explains a few things.

Interestingly, I had heard that he does not intend to go full term, and is looking to apply an exit strategy prior to halfway thru this round.


Friends say Greenspan has told them that he plans to serve less than half of the new four-year term, choosing to retire on Jan. 31, 2006, when his separate 14-year term as a Fed board member is to end.




[edit on 19-6-2004 by smirkley]

I had heard the same thing. I wonder if he'll do it if the economy is on rocky ground. I think he would like to pass the baton when things are going smooth.

I would be willing to wager that someone(s) are currently being groomed for the position. They are some big shoes to fill, and I doubt that the position could be filled by just any ol' banker type.

Agreed, Quite frankly it's one of the most pwerful and important positions in the country. It would be interesting to size up the other members of the Board. My bet is the next chair is already there.

I feel that Greenspan gets to much attention, the way our economy is base now we have no need for people like him.

And he may be by partisan but he got the big bankers breathing on his neck.


www.federalreserve.gov...

The way our economy is based now we don't need a Federal Reserve Chairman?
I hope you are kidding Marg. The Fed keeps the economy going. They should get all the attention they get.

Who do YOU think should be running the economy?????

DontTreadOnMe

I see what you mean, who regulate the regulator, I still think the federal goverment have to much power.

www.ny.frb.org...

I was looking at some post's about Greenspan leaving half way through his term. I will have to find a link but I am pretty sure that he has to leave, since federal reserve members are only allowed one 14 year term. If I find a link I will post it.

A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed.

here is the quote from:

www.federalreserve.gov...

So I am thinking that regardless of his re-nomination,...who will be in the wings to take over.

My bet it is one of the current board members..

www.federalreserve.gov...

Roger W. Ferguson, Jr. - Vice Chairman
Edward M. Gramlich
Susan Schmidt Bies
Mark W. Olson
Ben S. Bernanke
Donald L. Kohn

Actually,

I was just thinking that Greenspan became chairman of the fed in 1987, which would put him well over his 14 year term. I wonder how that works. I am going to have to research it to figure it out.

[edit on 20-6-2004 by sheatc]