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Politics : Right Wing Extremist Thread -- Ignore unavailable to you. Want to Upgrade?

To: calgal who wrote (25076)	3/28/2002 1:22:31 AM
From: calgal	Respond to of 59480

Greenspan's Policies Hurting Economy, Group Says (CNSNews.com) - Federal Reserve Board Chairman Alan Greenspan isn't doing enough to help revive the American economy, according to a Republican free market group, which launched a nationwide radio ad campaign Wednesday, urging Greenspan to "get off the brakes," with regard to the nation's money supply. The Republican Leadership Coalition says Greenspan's monetary policies are too tight. "An economic recovery is not going to continue at a healthy rate with the Fed stepping on the brakes in the money supply. For a lot of hard working people, there is real fear. Interest rates get a lot of attention, but nobody notices the money supply. You can't get a robust economy with a tight money supply. Get off the brakes, Mr. Greenspan," the ad said. The ad notes how the Federal Reserve Board pumped money into the economy following the Sept. 11 terrorist attacks, but since December 17 has cut back on the flow of greenbacks. "Most people are not aware how much economic growth depends on the money supply in the economy. There have been signs the economy may be beginning to turn around, so now is a terrible time to restrict the money supply," said Scott Reed, chairman of the Republican Leadership Coalition. Reed said similar reductions in the money supply in 1992 led to an economic slowdown. And he thinks that was a major factor in then-President George H.W. Bush losing to Democrat Bill Clinton in 1992. "Our view is Mr. Greenspan is so concerned about igniting inflation that he's being too tight with the money supply. That attitude has restricted economic growth in the past," Reed said. The Federal Reserve Board had no comment, according to spokesman Andrew Williams. "We don't have anything to say about it," Williams told CNSNews.com. Greenspan's fourth term as chairman of the Federal Reserve Board will expire in 2004. He also serves as chairman of the Federal Open Market Committee, the board's principal monetary and interest rate policymaking body townhall.com