Word: taxed
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...small but increasingly vocal group, the U.S.'s high consumer debt, low personal-savings rates, declining dollar and potential real estate bubble can all be laid at the feet of the Fed Chairman. And those ballooning budget deficits? They are partly the product of George W. Bush's 2001 tax cuts, which Greenspan all but endorsed...
...likes of Senate minority leader Harry Reid, who in March called him "one of the biggest political hacks we have here in Washington." Just last week, during a Senate Budget Committee hearing, Greenspan essentially apologized for providing what Senator Paul Sarbanes called "a green light" for the 2001 tax cuts. "If that is the way it was interpreted, I missed it," Greenspan said of his support. "I did not intend it that...
...Wall Street and Washington believed could steer through such choppy waters. After taking over from inflation slayer Paul Volcker in 1987, Greenspan greatly expanded the role and influence of the Fed Chairman, whose principal job is to oversee monetary policy. His economic mission creep included commenting on everything from tax cuts and the housing market to entitlement programs. In 1996 he warned investors of "irrational exuberance," only to turn around and exacerbate the stock market bubble, his critics allege, by becoming a cheerleader for the New Economy. Many Fed watchers believe that by injecting himself--usually at Congress's request...
...gloves are already off. Senator Hillary Clinton chastised Greenspan at a Senate hearing when he tried to square his support for the 2001 tax cuts with his current dire warnings about the budget deficits and unsustainable entitlement programs. "If confronted with the same evidence we had back then, I would recommend exactly what I recommended then," he said, referring to the rosy budget-surplus projections at the time. "It turns out we were all wrong...
Considering that many economists never believe such long-range forecasts, Greenspan's defense left many observers shaking their heads. His argument that he supported tax cuts only in general--not the Bush tax cuts--has also tarnished his credibility. "What the U.S. needs is a truly politically independent central banker," says Morgan Stanley chief economist Stephen Roach. "When Greenspan expresses his opinions on nonmonetary policy issues, whether he wants to admit it or not, he becomes identified as an advocate and it influences the decision making...