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JDPriestly's Journal
JDPriestly's Journal
March 14, 2015

Again, one word: GREENSPAN.

I want the Clintons to explain why in the world Bill Clinton reappointed an Ayn Rand disciple like GREENSPAN to the Fed.

There is no excuse for a Democrat appointing a person who literally sat in Ayn Rand's salon to the Fed. No excuse.

I do not trust either of the Clintons.

" Democratic president Bill Clinton reappointed Greenspan, and consulted him on economic matters. Greenspan lent support to Clinton's 1993 deficit reduction program.[28] Greenspan, while still fundamentally monetarist in orientation, had eclectic views on the economy, and his monetary policy decisions largely followed standard Taylor rule prescriptions (see Taylor 1993 and 1999).

In 2000, Greenspan raised interest rates several times; these actions were believed by many to have caused the bursting of the dot-com bubble. According to Nobel laureate Paul Krugman, however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward".[29] E. Ray Canterbery agrees with Krugman's criticism.[30]"

. . . .

In the early 1950s, Greenspan began an association with novelist and philosopher Ayn Rand.[45] Greenspan was introduced to Rand by his first wife, Joan Mitchell. Rand nicknamed Greenspan "the undertaker" because of his penchant for dark clothing and reserved demeanor. Although Greenspan was initially a logical positivist,[53] he was converted to Rand's philosophy of Objectivism by her associate Nathaniel Branden. He became one of the members of Rand's inner circle, the Ayn Rand Collective, who read Atlas Shrugged while it was being written. During the 1950s and 1960s Greenspan was a proponent of Objectivism, writing articles for Objectivist newsletters and contributing several essays for Rand's 1966 book Capitalism: The Unknown Ideal including an essay supporting the gold standard.[54][55] Rand stood beside him at his 1974 swearing-in as Chair of the Council of Economic Advisers. Greenspan and Rand remained friends until her death in 1982.[45]

He has come under criticism from Harry Binswanger,[56] who believes his actions while at work for the Federal Reserve and his publicly expressed opinions on other issues show abandonment of Objectivist and free market principles. When questioned in relation to this, however, he has said that in a democratic society individuals have to make compromises with each other over conflicting ideas of how money should be handled. He said he himself had to make such compromises, because he believes that "we did extremely well" without a central bank and with a gold standard.[57] In a congressional hearing on October 23, 2008, Greenspan admitted that his free-market ideology shunning certain regulations was flawed.[58] When asked about free markets and Rand's ideas, however, Greenspan clarified his stance on laissez faire capitalism and asserted that in a democratic society there could be no better alternative. He stated that the errors that were made stemmed not from the principle, but from the application of competitive markets in "assuming what the nature of risks would be".[59]


Was Clinton unaware of Greenspan's economic philosophy and history? Or did he agree with Greenspan's dislike of regulation of the markets? Because we cannot afford another Greenspan or another attempt at laissez faire markets. We need fair rules for everyone in our economy. It is still dog-eat-dog out there. And Greenspan supported the privatization of Social Security, Medicare and other similar government programs.

I recommend reading the Wikipedia page on Greenspan, remembering that Clinton reappointed him to the Fed, a top spot in our economy, and the rest is history.

No more Greenspans. No more Clintons.

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