Krugman's smackdown of Greenspan

I wish I could write like Paul Krugman:

The Bush White House has made it clear that it will destroy the careers of scientists, budget experts, intelligence operatives and even military officers who don't toe the line. But Mr. Greenspan should have been immune to such pressures, and he should have understood that the peculiarity of his position -- as an unelected official who wields immense power -- carries with it an obligation to stand above the fray. By using his office to promote a partisan agenda, he has betrayed his institution, and the nation.

Ouch.

It's time to send this Fed chairman into retirement.  I would hope that Democrats speak out against another term for Greenspan (Bush is supposed to be renominating him, last I heard).  Unfortunately, I think there is still a strong gutless-wonder streak in Beltway Dems, and it's likely they'll be falling over themselves praising Greenspan and voting for him when the time comes.  Handled correctly, opposing him could be a potent issue for the Democrats, but I'm not holding my breath.

Of course, if it isn't Greenspan, Dubya would no doubt nominate someone far worse, who we'd then be stuck with for a minimum of four years.

This is all just so depressing....

•  senile or a hack

  Dems should filibuster Greenspan.

  If he doesn't connect the Bush tax cuts and Iraq War spending with the deficit, he's either senile or a partisan hack. Either way, it's time to retire.

  by Carl Nyberg on Tue Mar 02, 2004 at 02:26:50 AM PDT

•  step down

  In at least one interview, Greenspan has said that he would be willing to step down so the next President can appoint somebody new. His reappointment comes up this summer.

  You could make his reappointment a political issue, but it might just be better to pass him along. If the markets get a little scared from the Dems turning the monetary cheif into a political pawn, it could make the Dems look very bad. All these negative comments are focusing on Greenspan's views of fiscal and budgetary policy, so who the fuck cares.

  If the Dems just allow him to slide through, Kerry, if he wins the general, could just take the Chairman up on his offer to step down.

  by jjayson on Tue Mar 02, 2004 at 02:35:07 AM PDT

•  FYI

  Federal Reserve Board members serve seven year terms.

  A Bush renomination would put Greenspan in until 2011, or more likely, when he dies.

  "If the King's English was good enough for Jesus Christ, it's good enough for the children of Texas." ~ Ma Ferguson, 1924.

  by JimTXDem on Tue Mar 02, 2004 at 02:42:23 AM PDT

  •  Err...

    I apologize if that sounded mean. As far as I can tell, Greenspan is in OK health.

    Although you have to wonder about anyone who is old enough to have been a good friend of Ayn Rand in the 1950s.

    (And you know, it's awful dang hard to live without a heart for 50 years, but apparently Greenspan is the exception to the rule).

    "If the King's English was good enough for Jesus Christ, it's good enough for the children of Texas." ~ Ma Ferguson, 1924.

    by JimTXDem on Tue Mar 02, 2004 at 02:44:53 AM PDT

  •  nope

    A governorhsip is 14 years with a limit of one term. The chairmanship is 4 years and can be renominated for as long as he remains on the board of governors.

    by jjayson on Tue Mar 02, 2004 at 02:51:52 AM PDT

    •  link

      http://www.federalreserve.gov/faq.htm#bog

      
      How are members of the Board selected, and what are the conditions of the term of office?

      The seven members of the Board of Governors of the Federal Reserve System are nominated by the President of the United States and confirmed by the U.S. Senate.

      One term begins every two years on February 1 of even-numbered years. A member who serves a full term may not be reappointed. A member who completes an unexpired portion of a vacated term may be reappointed to a full fourteen-year term. All terms end on their statutory date regardless of the date on which the member is sworn into office.

      The Chairman and the Vice Chairman of the Board are chosen by the President from among the sitting Governors and are confirmed by the Senate. They serve a term of four years and may be reappointed as Chairman or Vice Chairman until their terms as Governors expire. A member's term on the Board is not affected by his or her status as Chairman or Vice Chairman. Governors can also be appointed as Chairman or Vice Chairman to a term that ends after their terms as Governor expire.

      To ensure adequate national representation on the Board, no two Governors may come from the same Federal Reserve District. There is no limit on how long a seat on the Board may remain vacant.
      

      by jjayson on Tue Mar 02, 2004 at 02:54:20 AM PDT