Word: greenspans
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...Bernanke knows he's filling big shoes. So when President Bush chose the White House's relatively new top economic adviser to succeed Alan Greenspan as chairman of the Federal Reserve, Bernanke professed alignment with the Maestro. The "top priority," he said, will be to "maintain continuity" with Greenspan's way of doing things...
Bernanke, 51, seems suited to that task in ways big and small. Both men are independent thinkers who tilt gently to the political right. Greenspan is a consensus builder who rarely convenes a meeting without knowing every vote. Bernanke built a similar reputation running the economics department at Princeton from 1996 to 2002. "When he took over the chair, there was a lot of infighting and bickering," recalls Gene Grossman, a colleague at Princeton. "He made it one of his objectives to get more consensus on decisions." Greenspan and Bernanke play the saxophone and possess a wry sense of humor...
...Greenspan navigated the economy through the stock-market crash of 1987, two recessions, a global financial crisis in 1998 and the burst Internet bubble in 2000. Assuming (as most do) that the Senate will confirm him for the most powerful economic post in the world, the era of Bernankenomics will begin Feb. 1, under gathering storm clouds. U.S. deficits are at all-time highs, the housing market may be in a bubble of Greenspan's making, and we have the first real whiffs of inflation in years. How will Bernanke steer the ship? For a clue, here are five ways...
...horizons. That’s not to say he should not advise the president or speak out when he believes a policy is wrong. But he should not simply tow a party line. Greenspan’s experience shows the possible dangers of the job. Few will debate that Greenspan has been a legendary chairman, but his reputation was tarnished when, in a partisan manner, he dabbled in fiscal policy in 2001, effectively endorsing the Bush tax cuts in his congressional testimony. In doing so, Greenspan was not the steward to the prosperity of the economy that he should have...
...Greenspan is much less transparent than Bernanke,” said Jorgenson. “When [Bernanke] gets in front of a microphone, he is very clear about the outlook for the economy...