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Source : http://biz.yahoo.com/ap/070915/greenspan_book.html?.v=2
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AP
Greenspan Faults Bush Over Spending
Saturday September 15, 3:20 pm ET
By Jeannine Aversa and Ann Sanner, Associated Press Writers
In New Book, Former Fed Chairman Alan Greenspan Bashes Bush Over Spending and Deficits
WASHINGTON (AP) -- Former Federal Reserve Chairman Alan Greenspan, in his upcoming book, bashes President Bush for not responsibly handling the nation's spending and racking up big budget deficits.
A self-described "libertarian Republican," Greenspan takes his own party to task for forsaking conservative principles that favor small government.
"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan wrote.
Bush took office in 2001, the last time the government produced a budget surplus. Every year after that, the government under Bush has been in the red. In 2004, the deficit swelled to a record $413 billion.
"The Republicans in Congress lost their way," Greenspan wrote. "They swapped principle for power. They ended up with neither. They deserved to lose."
In 2006, voters decided to put Democrats in charge of Congress for the first time in a dozen years.
Greenspan's memoir, "The Age of Turbulence: Adventures in a New World, is scheduled for release Monday. The Associated Press purchased a copy Saturday at a retailer in the Washington area.
The book is a recollection of his life and his time as Fed chief.
Greenspan, 81, ran the Fed for 18 1/2 years and was the second-longest serving chief. He served under four presidents, starting with his initial nomination by Ronald Reagan.
He says he began to write the book on Feb. 1, 2006, the day his successor -- Ben Bernanke -- took over.
The ex-Fed chief writes that he laments the loss of fiscal discipline.
"Congress and the president viewed budgetary restraint as inhibiting the legislation they wanted,' he wrote. "`Deficits don't matter,' to my chagrin, became part of Republicans' rhetoric."
Greenspan long has argued that persistent budget deficits pose a danger to the economy over the long run.
At the Fed, he repeatedly urged Congress to put back in place a budget mechanism that requires any new spending increases or tax cuts to be offset by spending reductions or tax increases.
The large projected surpluses that were the basis for Bush's $1.35 trillion, 10-year tax cut approved in the summer of 2001 "were gone six to nine months" after Bush took office that year, Greenspan wrote.
There were projections the government would run a whopping $5.6 trillion worth of surpluses over the subsequent decade after the cuts. Those surpluses, the basis for Bush's campaign promises of a tax cut, never materialized.
"In the revised world of growing deficits, the goals were no longer entirely appropriate," Greenspan noted. Bush, he said, "continued to pursue his presidential campaigns nonetheless. Most troubling to me was the readiness of both Congress and the administration to abandon fiscal discipline."
Greenspan, in testimony before Congress in 2001 gave a major boost to Bush's tax-cut plan at the time, irking Democrats. "The tax cut testimony proved to be politically explosive," Greenspan wrote.
At that time, Greenspan made the argument before Congress that a tax cut could help the economy deal with sagging growth. The economy slipped into a recession in March 2001. The downturn ended in November of that year.
Surpluses quickly turned to deficits after the bursting of the stock market bubble and the 2001 recession cut into government revenues.
"How could the forecasts have been so colossally wrong?" Greenspan wondered.
Government spending increased to pay for the fight against terrorism and receipts declined because of a string of tax cuts.
Greenspan said he was surprised by the political grip that Bush exerted over his administration.
"The Bush administration turned out to be very different from the reincarnation of the Ford administration that I had imagined,' Greenspan wrote. "Now the political operation was far more dominant." Greenspan was chairman of the Council of Economic Advisers under President Ford.
Power in the Bush White House was concentrated. "I certainly did not qualify as part of the inner circle, nor did I want to be," Greenspan said.
Greenspan said he did enjoy a good relationship with Bush's predecessor, Bill Clinton.
"Here was a fellow information hound, and like me, Clinton enjoyed exploring ideas," Greenspan said.
They also were on the same economic page. During the Clinton administration, budget deficits turned to surpluses.
When Bush's father was president, Greenspan recalled that he found himself in a public conflict with the White House. Greenspan had suggested inflation risks were still high enough that the Fed would be more inclined to boost interest rates, rather than lower them. The president quickly challenged the notion.
Of Bush's father, Greenspan wrote: "The economy was his Achilles' heel, and as a result we ended up with a terrible relationship." The economy suffered through a recession went into a recession in the summer of 1990 and emerged from it in the spring of 1991.
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Modifié le 16/9/2007 13:57
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Membre depuis: 15/12/2006
Cela ne vous rappelle rien?
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http://biz.yahoo.com/ap/070916/britain_mortgage_bank.html?.v=18
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AP
Fears Spread Among U.K. Bank's Customers
Sunday September 16, 2:20 am ET
By D'Arcy Doran, Associated Press Writer
British Bank's Customers Ignore Appeals for Calm, Line Up to Withdraw Savings
LONDON (AP) -- Hundreds of customers lined up to withdraw their savings from a British mortgage bank Saturday, ignoring government assurances that their money was safe despite the bank's request for an emergency loan.
Police were called in some cities to steer panicked crowds away as Northern Rock bank branches closed for the day.
Fears have spread over the bank's request earlier in the week for an emergency Bank of England loan amid the global credit crisis. Northern Rock, Britain's fifth-largest mortgage lender, is the first British bank in 15 years to be bailed out by regulators.
Customers withdrew $2 billion from the bank Friday, The Financial Times reported, citing an unidentified person described as close to the situation. The bank declined to confirm the figure, which represents 4 percent of its deposit base.
Treasury chief Alistair Darling and the country's Financial Service Authority tried to assure customers there was no doubt over Northern Rock's solvency.
The authority "has reiterated yet again tonight that it is satisfied that Northern Rock is solvent, can carry on doing business and, crucially, paying out money if people want to withdraw their funds," Darling said on Channel 4 TV on Saturday night.
But The Sunday Telegraph said Northern Rock was preparing itself for a sell-off. Quoting unidentified sources, the paper said one plan would divide the bank's mortgage portfolio between other major banks in what would be a private-sector rescue of the lender.
The bank made the loan request Thursday because it relies heavily on wholesale money markets for cash, and had been unable to borrow the amounts it required from other banks since the money markets choked up last month. That was caused in part by U.S. banks making mortgage loans to Americans with poor credit histories.
Although Northern Rock requested substantial emergency funds at a penalty rate, the bank has said it had billions of pounds in cash at its disposal. It has yet to draw on any emergency funding.
Despite Darling's message, lines stretched around the block Saturday at some of the bank's 76 branches in Britain and the bank extended opening hours to deal with the situation.
"Yes, we are making matters worse, but I do think people need some reassurance from Northern Rock and the government and financial services that their money is safe," account holder Jane Taylor told Sky News while waiting outside a branch in Kingston-upon-Thames, west of London.
But others said they had faith in the bank and financial authorities and watched the lines in disbelief.
"It's mostly, in my opinion, ignorance and that's why they're panicking," said another bank customer who gave only his first name, Tom. "I'm leaving mine there."
Under Financial Services Compensation Scheme, deposits of up to $63,900 are guaranteed should a bank default.
Ron Stout, a spokesman for Northern Rock, told The Associated Press that reckless comments by some analysts about the bank's solvency prompted customers to panic and line up outside branches or strain the company's online banking system.
He said Northern Rock would continue to extend its banking hours, by opening one hour ahead of schedule on Monday, and to reassure customers that their investments are safe with the bank.
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3 de 6
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16/9/2007 15:12
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Messages postés: 4515 -
Membre depuis: 14/7/2007
by opening one hour ahead of schedule on Monday
ça va tout de suite mieux je suis rassuré !!!
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4 de 6
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Modifié le 16/9/2007 17:21
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Membre depuis: 15/12/2006
16/09/2007 23:00 USD Alan Greenspan Speaks
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16/9/2007 16:46
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Messages postés: 4515 -
Membre depuis: 14/7/2007
http://www.tcw.com/TCW/cmRoot/Docs/TCWCIOLetter080907.pdf
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6 de 6
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Modifié le 16/9/2007 17:21
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Membre depuis: 15/12/2006
Lien : (OCC) http://www.tcw.com/TCW/cmRoot/Docs/TCWCIOLetter080907.pdf
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AP
Greenspan Faults Bush Over Spending
Saturday September 15, 3:20 pm ET
By Jeannine Aversa and Ann Sanner, Associated Press Writers
In New Book, Former Fed Chairman Alan Greenspan Bashes Bush Over Spending and Deficits
WASHINGTON (AP) -- Former Federal Reserve Chairman Alan Greenspan, in his upcoming book, bashes President Bush for not responsibly handling the nation's spending and racking up big budget deficits.
A self-described "libertarian Republican," Greenspan takes his own party to task for forsaking conservative principles that favor small government.
"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan wrote.
Bush took office in 2001, the last time the government produced a budget surplus. Every year after that, the government under Bush has been in the red. In 2004, the deficit swelled to a record $413 billion.
"The Republicans in Congress lost their way," Greenspan wrote. "They swapped principle for power. They ended up with neither. They deserved to lose."
In 2006, voters decided to put Democrats in charge of Congress for the first time in a dozen years.
Greenspan's memoir, "The Age of Turbulence: Adventures in a New World, is scheduled for release Monday. The Associated Press purchased a copy Saturday at a retailer in the Washington area.
The book is a recollection of his life and his time as Fed chief.
Greenspan, 81, ran the Fed for 18 1/2 years and was the second-longest serving chief. He served under four presidents, starting with his initial nomination by Ronald Reagan.
He says he began to write the book on Feb. 1, 2006, the day his successor -- Ben Bernanke -- took over.
The ex-Fed chief writes that he laments the loss of fiscal discipline.
"Congress and the president viewed budgetary restraint as inhibiting the legislation they wanted,' he wrote. "`Deficits don't matter,' to my chagrin, became part of Republicans' rhetoric."
Greenspan long has argued that persistent budget deficits pose a danger to the economy over the long run.
At the Fed, he repeatedly urged Congress to put back in place a budget mechanism that requires any new spending increases or tax cuts to be offset by spending reductions or tax increases.
The large projected surpluses that were the basis for Bush's $1.35 trillion, 10-year tax cut approved in the summer of 2001 "were gone six to nine months" after Bush took office that year, Greenspan wrote.
There were projections the government would run a whopping $5.6 trillion worth of surpluses over the subsequent decade after the cuts. Those surpluses, the basis for Bush's campaign promises of a tax cut, never materialized.
"In the revised world of growing deficits, the goals were no longer entirely appropriate," Greenspan noted. Bush, he said, "continued to pursue his presidential campaigns nonetheless. Most troubling to me was the readiness of both Congress and the administration to abandon fiscal discipline."
Greenspan, in testimony before Congress in 2001 gave a major boost to Bush's tax-cut plan at the time, irking Democrats. "The tax cut testimony proved to be politically explosive," Greenspan wrote.
At that time, Greenspan made the argument before Congress that a tax cut could help the economy deal with sagging growth. The economy slipped into a recession in March 2001. The downturn ended in November of that year.
Surpluses quickly turned to deficits after the bursting of the stock market bubble and the 2001 recession cut into government revenues.
"How could the forecasts have been so colossally wrong?" Greenspan wondered.
Government spending increased to pay for the fight against terrorism and receipts declined because of a string of tax cuts.
Greenspan said he was surprised by the political grip that Bush exerted over his administration.
"The Bush administration turned out to be very different from the reincarnation of the Ford administration that I had imagined,' Greenspan wrote. "Now the political operation was far more dominant." Greenspan was chairman of the Council of Economic Advisers under President Ford.
Power in the Bush White House was concentrated. "I certainly did not qualify as part of the inner circle, nor did I want to be," Greenspan said.
Greenspan said he did enjoy a good relationship with Bush's predecessor, Bill Clinton.
"Here was a fellow information hound, and like me, Clinton enjoyed exploring ideas," Greenspan said.
They also were on the same economic page. During the Clinton administration, budget deficits turned to surpluses.
When Bush's father was president, Greenspan recalled that he found himself in a public conflict with the White House. Greenspan had suggested inflation risks were still high enough that the Fed would be more inclined to boost interest rates, rather than lower them. The president quickly challenged the notion.
Of Bush's father, Greenspan wrote: "The economy was his Achilles' heel, and as a result we ended up with a terrible relationship." The economy suffered through a recession went into a recession in the summer of 1990 and emerged from it in the spring of 1991.