Posted on 08/04/2005 5:26:27 AM PDT by OESY
The White House search for a successor to Federal Reserve Chairman Alan Greenspan, who is scheduled to retire in January, has intensified....
[T]he three candidates cited most frequently have been economists Martin Feldstein of Harvard University, Glenn Hubbard of Columbia University and Ben Bernanke, chairman of President Bush's Council of Economic Advisers.
But the White House also is looking at other candidates, including former Bush adviser Lawrence Lindsey, said several people familiar with the process. They said the White House hasn't rejected the three main candidates but doesn't want to limit its choice prematurely. There appears to be no clear favorite.
Choosing a successor to Mr. Greenspan, 79 years old, will be one of Mr. Bush's most important economic decisions. The Fed chairman wields unequaled influence over U.S. and world economic growth. The Fed's independence also frees its chairman to stake out policy positions different from those of the president or Congress, and Mr. Greenspan has used that independence to acquire considerable sway on nonmonetary policy issues such as the budget, taxes and Social Security. Mr. Greenspan's current term as a Fed governor ends Jan. 31, and by law he cannot serve another.
Vice President Dick Cheney and National Economic Council Director Allan Hubbard are leading the search, one former administration official said. Chief of Staff Andrew Card and Budget Director Joshua Bolten also are involved....
Mr. Lindsey, an economist and former student of Mr. Feldstein, served as a Fed governor from 1991 to 1997, when he warned regularly of the dangers of the stock bubble. A staunch advocate of lower taxes, he became an adviser to Mr. Bush during his 2000 campaign, then director of the White House National Economic Council, which coordinates administration economic policy.
His tenure was marked by infighting....
(Excerpt) Read more at online.wsj.com ...
My choices are Larry Kudlow and Art Laffer.
Kudlow has long been critical of Crazy Al Greenspan....and I agree. The man can't go soon enough.
The current economy is as strong as it was in the late 1990s, but with real earnings...not puffed-up bubbles.
Take away the runaway inflated federal spending due to 9-11 and Bush's surplus would treble Clinton's.
Somehow I don't think Rubin could have gotten away with his corrupt ways if it weren't for Greenspan turning a blind eye.
I may be dense.... however, how does rising oil prices due to disasters as well as short-suppy (due to China/India/Lack of Refinery Capacity) equate into a reason to put further brakes on the economy by raising interest rates?
If we had upward pressure in inflation due to something we could control, that would be one thing, but when it is due to "circumstances" and people are struggling ... how is higher interest rates going to bring down the price of a barrel of oil (I guess is my question)????
That will be Mr. Andrea Mitchell's legacy.
Energy prices and their effect on food and other goods should be in a separate category unless the government plans to put cost controls in place (I'm not advocating that BTW)....
The media propped him up, knowing he would harm the economy.
They just didn't count on President Bush winning the tax cut war.
Don't think they counted on tax collections going UP and he debt going down as a result of the tax cuts, either.
Dem logic!
Interesting....redspan needs to go
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