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As an economics major, I have over the years held Alan Greenspan in pretty high regard.  However, it is so apparent over the last few years that he has lost whatever appearance of independence he used to have.

First it was his exasperating inability to call out the rethugs in any meaningful way on the deficit.

Now's he's shilling for SS privatization., albeit in a lukewarm way.

Unfortunately, I have a feeling the next Fed chairman will make Greenspan look like an icon of independence.  And also unfortunately, I see no mechanism whereby we will be able to exert any influence on the selection.  That could spell disaster for monetary policy and the markets.

Originally posted to Are you paying attention? on Wed Feb 16, 2005 at 10:25 AM PST.

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