Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: IceShark who wrote (82237)	1/4/2000 12:58:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Slick and Greeshit are kissing each other's ass: -g- ------- January 4, 2000 -------------------------------------------------------------------------------- Clinton Renominates Greenspan To Fourth-Term as Fed Chief Associated Press WASHINGTON -- Alan Greenspan, who has guided the nation's monetary policy since Ronald Reagan was president, was nominated Tuesday by President Clinton to serve a fourth term as chairman of the Federal Reserve. In an Oval Office ceremony, Mr. Clinton ticked off a list of economic achievements during his administration and added that "clearly, wise leadership from the Fed has played a very large role in our strong economy." It had been widely expected that Mr. Clinton would nominate the highly regarded 73-year old central banker for a fourth term but the timing of the announcement came as a surprise. The nomination must be confirmed by the Senate but Mr. Greenspan, a Republican, is expected to have little trouble winning approval in the Republican-controlled Senate. Mr. Greenspan, whose term expires in June, thanked Mr. Clinton for his confidence, and, straying from the nonpartisan reticence that typically characterizes his public pronouncements, said Mr. Clinton's "economic policy staff has been exceptional in my view." "I first wish to express my deep appreciation to you for the confidence you have shown in my over the years," Mr. Greenspan said, adding that the Federal Reserve "has been a remarkable institution" to work for. "I have enjoyed every minute of it." Mr. Greenspan first took over as chairman of the Fed on Aug. 11, 1987, when he was tapped by President Reagan to succeed Paul Volcker. Mr. Volcker drove interest rates to levels not seen since the Civil War in a successful effort to combat inflation rates that had been pushed to double-digit levels by the oil shocks of the 1970s. Mr. Greenspan has not confronted similar inflation threats during his time at the Fed. But he has won widespread praise for managing to keep the lid on prices while allowing the economy to grow at a robust pace that has driven unemployment to lowest levels in 30 years. The U.S. economy is enjoying its best performance in more than a generation with low unemployment and low inflation. If the current expansion lasts through February, something generally expected, it will surpass the 1960s as the longest period of uninterrupted economic growth in U.S. history. Mr. Greenspan has won praise from many economists for his willingness in recent years to allow the unemployment rate to fall far below 6%, the level that used to be viewed as the danger point where a dwindling pool of available workers would trigger higher wage pressures and lead to rising inflation. Instead, Mr. Greenspan threw his support behind the argument that the huge sums being spent by American businesses for computers had lifted America's productivity, the output per hour of work, to a higher level that would allow the unemployment rate to fall without triggering inflation. Mr. Greenspan did voice worries about "irrational exuberance" in the stock market back in December 1996, but he was willing to stand back and let investors carry stock prices to ever-higher levels since that time without trying to use interest rate policies to deflate the investor boom. The Fed raised rates three times over the past three months and economists expect more to come. But with inflation remaining at low levels, few analysts believe the Fed will be forced to raise interest rates to such high levels in 2000 that it dumps the economy into a recession. Mr. Greenspan was also a staunch backer of legislation that Congress passed last year eliminating barriers that separated banks, investment firms and insurance companies for more than 60 years. He said he thought passage of the law would be a boon for consumers, offering them greater choices. But Mr. Greenspan also warned that financial regulators at the federal and state level will have to cooperate more closely and be especially alert to deal with "tensions" created by overlapping jurisdictions. Mr. Greenspan was originally chosen as the Fed chairman by President Reagan in 1987 and was renominated by Presidents Bush and Clinton. This would be Mr. Greenspan's fourth term as Fed chairman. He chaired the Council of Economic Advisers under President Ford from 1974 to 1977. He also chaired the National Commission on Social Security Reform, which recommended major changes to keep the retirement system solvent in 1983.