Word: greenspan
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Dates: during 1970-1979
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Ever since he served as principal economic adviser to Richard Nixon in the 1968 campaign, Alan Greenspan has resisted countless offers to join the Administration. He has preferred to remain an outside critic-consulting when asked, praising and needling as he saw fit. His reputation surely did not need whatever prestige-or damage-would accrue from a high job in a Government preoccupied with impeachment. He earns more than $300,000 annually as head of Manhattan's Townsend-Greenspan & Co., an economic consulting firm that has some 100 blue-chip corporate and Wall Street clients. He has earned...
...obvious question emerged last week after President Nixon named him to succeed Herbert Stein in September as chairman of the Council of Economic Advisers: Why did Greenspan finally accept? Greenspan replies that the inflation-ridden economy is in much worse shape than it has been since the Administration began pressing him years ago, and the time has come to switch from critical spectator to committed participant. "What is at stake is so large," he says, "that if anyone has the possibility of making a contribution, he should. It's one of the rare instances when the issue of patriotism...
...Sacrifice. There were other inducements. Federal Reserve Chairman Arthur Burns, Treasury Secretary William Simon, Presidential Economics Adviser Kenneth Rush and Presidential Assistant Alexander Haig all prevailed upon Greenspan to accept. To avoid conflicts of interest and satisfy the Senate Banking Committee, which is expected to approve his appointment, Greenspan will place all stock he owns in his firm in a blind trust over which he will have no control. Thus he faces a big financial sacrifice that will not be offset by his $42,500 salary at CEA. Profits earned by his firm while he is away will be lost...
...Greenspan's appointment would come at a time when the CEA's reputation among Economists and Congressmen is at an alltime low. Created under the 1946 Employment Act in part to provide the President with the best professional advice on reducing the jobless rate, the council has had its share of controversy. For example, Congress became so antagonized by CEA Chief Leon Keyserling's partisan support of Truman Administration policies that President Eisenhower let the council go out of business briefly...
...boss, Greenspan would probably want to keep a low political profile and work for bipartisan support of White House programs. He sees the chairman's job as "strictly that of an adviser, not a policymaker or a propagator of policy." Yet Greenspan would be by far the most knowledgeable of Nixon's top economic aides, none of whom are economists. It is likely that, willingly or not, he will quickly become the Administration's chief economic spokesman...