On May 18, 2004, Greenspan was nominated by President George W. Bush to serve for an unprecedented fifth term as chairman of the Federal Reserve. , Republican Senator Jim Bunning, who opposed Greenspan's fifth reconfirmation, charged that Greenspan should comment only on monetary policy, not fiscal policy. , After the September 11, 2001 attacks, the Federal Open Market Committee voted to reduce the federal funds rate from 3.5% to 3.0%.
 Regarding future U.S. economic policy, Greenspan recommends improving the U.S. primary and secondary education systems.  Greenspan was fundamentally monetarist in orientation on the economy, and his monetary policy decisions largely followed standard Taylor rule prescriptions (see Taylor 1993 and 1999). Notable critics included J. Bradford DeLong, Paul Krugman, Alice Rivlin, Michael Hudson, and Willem Buiter. , However, an October 15, 2008, article in The Washington Post analyzing the origins of the economic crisis claims that Greenspan vehemently opposed any regulation of derivatives, and actively sought to undermine the office of the Commodity Futures Trading Commission when the Commission sought to initiate regulation of derivatives. Greenspan's criticisms of President Bush include his refusal to veto spending bills, sending the country into increasingly deep deficits, and for "putting political imperatives ahead of sound economic policies".
Distinctive in the back stabbing world of the federal government, Greenspan was thought
On February 26, 2007, Greenspan forecast a possible recession in the United States before or in early 2008.
All rights reserved.For reprint rights. , In an October 2011 lecture addressing the Occupy movement, Noam Chomsky characterized portions of Greenspan's February 1997 testimony to the U.S. Senate as an example of the self-serving attitudes of the so-called 1%. Greenspan and Rand remained friends until her death in 1982. At the same time, I indicated some concerns about the risks associated with derivatives, including the risks posed by concentration in certain derivatives markets, notably the over-the-counter (OTC) markets for U.S. dollar interest rate options. As I've said before, I've always supported moves to full funding in the context of a private account". He became one of the members of Rand's inner circle, the Ayn Rand Collective, who read Atlas Shrugged while it was being written.
Times Syndication Service. The former chairman of the Federal Reserve said that the US is underestimating the size of the budget deficits that are down the road, as the number of Americans retiring and receiving entitlements increases.
Unregulated Free Market Fundamentalism Zealotry", "How to Prevent the Next Wall Street Crisis", "In Washington, Financial Furor Is a First-Rate Chance to Assess Blame", "We will never have a perfect model of risk", "Why Greenspan Does Not Bear Most of the Blame", Over-the-Counter Derivatives Markets and the Commodity Exchange Act: Report of The President's Working Group on Financial Markets, "Greenspan admits some guilt over financial crisis", "Matt Taibbi: "Why Isn't Wall Street in Jail?" He is also named in Time Magazine as one of the "25 People to Blame for the Financial Crisis".
 Greenspan says that he wrote this book in longhand mostly while soaking in the bathtub, a habit he regularly employs ever since an accident in 1971, when he injured his back.
On 06-03-1926 Alan Greenspan (nickname: Alan) was born in Washington Heights, New York City. In 2008, Greenspan expressed great frustration that the February 23 speech was used to criticize him on ARMs and the subprime mortgage crisis, and stated that he had made countervailing comments eight days after it that praised traditional fixed-rate mortgages. When Representative Henry Waxman (D-CA) pressed him to clarify his words.
 He also served as a member of the influential Washington-based financial advisory body, the Group of Thirty in 1984. , In mid-January 2008, hedge fund Paulson & Co. hired Greenspan as an adviser. , In the early 1950s, Greenspan began an association with novelist and philosopher Ayn Rand. I appreciate the opportunity to appear before this Committee to present the Federal Reserve… , Others, like Republican Senator Mitch McConnell, disagreed that Greenspan was too deferential to Bush, stating that Greenspan "has been an independent player at the Fed for a long time under both parties and made an enormous positive contribution".
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