February 8th, 2010
08:30 AM ET
13 years ago

CNNMoney.com: Alan Greenspan fights back

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/POLITICS/10/04/u.s.economy/art.greenspan.gi.jpg caption="Alan Greenspan fights back."]

Fortune Magazine -– When the Senate grudgingly reconfirmed Ben Bernanke as Fed chairman two days before his term expired, he was only a stand-in for the man 30 senators were really mad at.

"I knew that he would continue the legacy of Alan Greenspan, and I was right," said an angry Jim Bunning, a conservative Republican from Kentucky who voted no. Fumed Bernie Sanders of Vermont, the Senate's only (admitted) socialist: "He said it publicly - I want to follow in the footsteps of Alan Greenspan. Alan Greenspan's philosophy is a disaster." Jeff Merkley (D-Ore.) said Bernanke "helped set the fire that destroyed our economy." Only helped, that is - and we all know whom he helped.

Full Story

Filed under: Alan Greenspan
soundoff (20 Responses)
  1. D.U.T.C.H.

    All of these Fed Chairmen are part of the illuminati. They are going to destroy the dollar.

    February 8, 2010 10:39 am at 10:39 am |
  2. Who said the Mayans were wrong?

    Free air?The nose on this guy tells me all I need to know.He screwed America and ran for cover and let his bagboy take the heat.

    February 8, 2010 10:47 am at 10:47 am |
  3. Gil Oberdas

    Alan never saw the recession coming even after he allowed de-regulations of Banks and lending institutions. We need to stay away from this man's blind sightedness!

    February 8, 2010 11:01 am at 11:01 am |
  4. Hugo

    Alan Greenspan's self righteous arrogance is what helped create this economic disaster, hmmmm, where did derivatives originate? Didn't anyone in Government throw up a flag, hmmmmm, flashback to the Clinton years and research the foreseen failure that derivatives of home mortgages caused! You want to balance the National deficit, raid Greenspan's and his cohorts bank accounts.

    February 8, 2010 11:21 am at 11:21 am |
  5. yuri

    We think " W ", w/ an MBA from Harvard, would be a fine Fed. chairman, since he has previous experience of 8 years, in the federal government matters. The onlu snafu of a GOP ire is that they need a scapegoat, to vent their vitriol at.

    February 8, 2010 11:30 am at 11:30 am |
  6. S.B. Stein E.B. NJ

    Greenspan has to know that he made some mistakes. Giving out money with little or no income verification was just something that he helped and should have spoken out against from the get go. That is one of many parts of the disaster that cause our financial breakdown.

    February 8, 2010 11:44 am at 11:44 am |
  7. Mesa Mick

    Those obstructionist GOPers in the senate and the house just love to blame everybody but themselves and their failed policies for the economic meltdown and the demise of the middle class.

    Nexgt they will be claiming that the wreck of the country during the 1st decade of the 21st century is all Obama's fault...

    And the MSM – Inlcuding CNN – won't call them on it either!

    February 8, 2010 12:00 pm at 12:00 pm |
  8. Sorensen

    Greenspan and Bernanke are the same thing.
    They should both retire and go away.
    Ask Stieglitz!

    February 8, 2010 12:05 pm at 12:05 pm |
  9. Danny

    Everyone, including these same Republicans, seemed to love Alan Greenspan during the 90's when the economy was humming along. I don't think the current economic downturn can be attributed to any one person, but more to a combination of the deregulation of the banking industry, irresponsible financial decisions by American consumers, and near fanatical greed from Wall Street.

    February 8, 2010 12:12 pm at 12:12 pm |
  10. Dean

    We continue to have people in high positions who will continue to destroy this country.
    Greenspan and Bernanke have done more to destroy the dollar than our enemies could ever do.

    February 8, 2010 12:18 pm at 12:18 pm |
  11. El Kababa

    The Senate confirmed Greenspan time after time. It was obvious from the beginning that Greenspan favored low wages for Americans, which he called controlling inflation. It was also obvious that he thought that American business leaders would not consciously bankrupt the nation to make a few more bucks, and he was really wrong about that.

    We have to arrive at the conclusion that America's business leadership is not particularly talented and they are completely lacking in vision. It is not just the Senate that is filled with mediocrity. We also see a shocking lack of talent in America's penthouse offices.

    February 8, 2010 12:25 pm at 12:25 pm |
  12. Jane/Seattle

    "Shock Doctors" all of them. Free Marketeers and most come from the real rulers of this country – Goldman Sachs! Saw this creep and Paulsen on Meet the Press Sunday! What a bunch of fakes! Why won't NBC get some real economists to talk and make sense, instead of these shills for Big Business/Wall Street! They can't take the money with them, but they all live nicely now at the expense of citizens that They Don't Care One Bit About.

    "Patriotism" is just a Word used to fool the People as these folks sell us out everyday! I'm with Bernie Sanders, Dennis Kucinich and others, Men With Integrity! Throw the word "Socialism" around all you want as Americans do not even understand what it means, So Brainwashed they have become by years of capitalistic propaganda!

    In capitalistic nations (here) Corporate losses get socialized and the people get forced to pay for their fraud party! When anything could benefit REAL people who pay, they all start screaming socialism! Corporate Welfare Programs are Socialism for the Rich! So very dishones are these so-called "Leaders"! These always think WARS Are a Great expenditure as families and children suffer!

    February 8, 2010 12:25 pm at 12:25 pm |
  13. Henry Miller, Libertarian

    "...Bernie Sanders of Vermont, the Senate's only (admitted) socialist..."

    There two classes of socialists: run-of-the-mill losers who want everyone else to pay their bills, and run-of-the-government politicians who pander to the losers to get elected.

    Just off hand, I couldn't say which class is more contemptible.

    February 8, 2010 12:31 pm at 12:31 pm |
  14. Wanted Posters

    His postor photo should be next to Bin Ladens for stealing and undermining our economy for another blue flagged country.

    February 8, 2010 12:35 pm at 12:35 pm |
  15. Randolph Carter, I'm no expert but...

    Love the picture, CNN. It looks like he's saying, "hocus pocus! by the power of voodoo economics I heal the economy!" Have a nice day!

    February 8, 2010 12:41 pm at 12:41 pm |
  16. Gary

    Republicans are looking for anyone they can find to blame them for the economic meltdown that the GOP created with their anything goes policies.

    February 8, 2010 12:46 pm at 12:46 pm |
  17. The lonely Libertarian of Liverpool NY

    pass the "Audit the Fed bill" today Congress! American has the right to know how much debt this private bank has that the taxpayer is responsible for.

    February 8, 2010 12:59 pm at 12:59 pm |
  18. gary davis's speling teechur

    i dont no hoo alan greenspan is. but if obamma likes him then he must bee ok becuz obamma is alwayze rite.

    i am gary davis's speling teechur and i apruved this messige.

    February 8, 2010 12:59 pm at 12:59 pm |
  19. a health economist

    @ Henry Miller, Libertarian,

    Just out of curiousity, since you are so against socialism what would you say is the best way to run the following aspects of our society which function on aspects of socialism?

    police/fire stations
    national military
    public roads
    all forms of insurance

    February 8, 2010 01:16 pm at 1:16 pm |
  20. Hugo

    Please enough with the GOP obstructionist slanders, it is only making you liberals look as stupid as you really are. The Democrats had the super majority for a year to ram down the throats of America what the deemed to be the answers, the only obstruction came from within the Democratic party (thank God). For those that think Obama is for small business and small banks you must first answer this question; How many small banks did the Fed close during this last year all the while pumping billions of untethered dollars into AIG, Fannie Mae, Freddie Mac, and the Wall street banks, hmmmmm? The system remains broken, they have not corrected the cause and we are all in for a long three years!

    February 8, 2010 01:18 pm at 1:18 pm |