Herman Cain Praises Greenspan at Risk of Tea Party Support
source: http://abcnews.go.com/blogs/politics/2011/10/herman-cain-praises-greenspan-at-risk-of-tea-pa...
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At the Republican debate Tuesday night, Cain touted the former chairman as the best leader the Federal Reserve has had in the past 40 years, even though the controversial chairman has admitted that his decisions weren’t always right.
“The way Alan Greenspan oversaw the Fed and the way he coordinated with all of the Federal Reserve banks, I think that it worked fine back in the early 1990s,” said Cain, who served as chairman of the Federal Reserve Bank of Kansas City.
Greenspan, who retired in 2006, has admitted that he was partially wrong in putting his faith in the free market and that the economic crisis changed his ideology and view of the world.
“I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in firms,” he told a House Committee three years ago. “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief.”
“I’ve found a flaw,” Greenspan said, when asked whether his ideology on free markets pushed him to make decisions. “I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.”
Many economists blame Greenspan for pushing policies that aided the country’s downward economic spiral, specifically keeping interest rates low for too long and creating a bubble in the housing market....
continued at:
http://abcnews.go.com/blogs/politics/2011/10/herman-cain-praises-greenspan-at-ri...
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- Community, News and Politics, Politics, US Politics, 5 more
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- tags:
- Federal Reserve, Herman Cain, Alan Greenspan
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JohnA
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He's a Fed insider, he is the worst choice. Huntsman, Paul, even Romney, would be better a better choice than him. I am afraid the Republicans have slipped into racial politics as well, and at that, they will lose, because the Democrats have much more practice at it.
- 8 months ago
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JohnA
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lazloman
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Who cares what Herman thinks! Look at these rethuglicans, all of them. You think there are 6 or 7 candidates? Wrong. There is one puppetmaster and 6 or 7 puppets.
- 8 months ago
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lazloman
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jubal
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Of course he praises his lord and master. Greenspan's policies were responsible for the biggest shift of wealth from the middle class to the filthy rich.
- 8 months ago
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jubal
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oldbanjo
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It doesn't matter what he says the Tea Party will never support him.
- 8 months ago
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oldbanjo
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maasanova
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oldbanjo:
Honestly, I've not heard too many noises coming from the corporate sponsored Tea-o-Cons being anti-Fed so I have no idea where this ABC article is getting this info from
The Republicans and corporate sponored Tea-o-Cons that I come across on messageboards seem to support the token black conservative
Yeah right, like Greenspan is really surprised that the banks found ways to screw the world. What's the point of the having the Federal Reserve if they can't even do what their supposed to?
- 8 months ago
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maasanova
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JohnA
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oldbanjo:
Hopefully.
- 8 months ago
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JohnA
