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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (5981)	1/23/2004 1:56:41 PM
From: yard_man	Respond to of 110194

hike?? <vbg> yeah ...

To: mishedlo who wrote (5981)	1/23/2004 2:04:17 PM
From: Crimson Ghost	Respond to of 110194

Democratic Hopeful Dean Calls for Greenspan Ouster Fri Jan 23,10:19 AM ET Add Top Stories - Reuters to My Yahoo! LONDONDERRY, N.H. (Reuters) - Democratic presidential contender Howard Dean (news - web sites) said on Friday that he thought Alan Greenspan (news - web sites) had become too political and should be replaced as chairman of the U.S. Federal Reserve (news - web sites). Reuters Photo Reuters Slideshow: Howard Dean Latest headlines: · Gephardt Frees Convention Delegates AP - 4 minutes ago · Back-slapping, glad-handing on agenda as Democrats stump for votes AFP - 4 minutes ago · Democratic Hopeful Dean Calls for Greenspan Ouster Reuters - 8 minutes ago Election 2004 ------------------------------------------------------------------------ Exclusive Video Political Players with Terry Neal "I think Alan Greenspan has become too political. If he lacks the political courage to criticize the deficits, if he was foolish enough -- and he's not a foolish man -- to support the outrageous tax cuts that George Bush put through, then he has become too political and we need a new chairman of the Federal Reserve," Dean said in response to a question from an audience at a town hall meeting in Londonderry. He said he thought the Fed had done a "terrific job" and that it was "absolutely critical" to make sure it remained independent. Although the Fed chief in 2001 backed the notion of tax cuts, Greenspan has in the past warned of the dangers of high budget deficits. President Bush (news - web sites)'s tax cuts -- which the administration is now pressing to make permanent -- and an economic slowdown helped fuel a record $374 billion budget gap last year, or about 3.5 percent of U.S. gross domestic product (GDP (news - web sites)), the highest proportion since 1993. The White House expects even larger deficits this year that will hit about 4.5 percent of GDP. In a book about Paul O'Neill's tenure as Treasury secretary, Greenspan was quoted as saying Bush's 2001 tax cuts -- if implemented without "triggers" to cancel them if budget deficits swelled -- would be "irresponsible fiscal policy." However, a Fed spokesman last week said Greenspan has denied saying this. He has, however, raised the issue of triggers in the past. "In recognition of the uncertainties in the economic and budget outlook, it is important that any long-term tax plan or spending initiative ... be phased in," Greenspan said in testimony on Feb. 13, 2001, a time when government forecasts envisioned mounting budget surpluses for years to come. "Conceivably, it could include provisions that in some way would limit surplus-reducing actions if specified targets for the budget surplus and federal debt were not satisfied," he added.