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Since that long boom ended in 2001, though, griping and whining have been ascendant. Greenspan was a bubble blower, the main criticism goes, a man whose lax monetary policies encouraged excess and speculation. What's more, he failed to thwart George W. Bush's demolition of the budget surpluses built up in the Clinton years. These complaints were steadily gaining in volume, thanks to the collapse of a mortgage-lending boom that began on Greenspan's watch, when the man jumped into the fray in mid-September with The Age of Turbulence, a new book about his life...
...Alan Greenspan really the root of all economic evil? Uh, no. By general agreement, the main jobs of the Federal Reserve are to halt financial panics before they spiral into depressions and to keep inflation from getting out of hand. The Fed has failed miserably at each of these tasks once--depression prevention in the early 1930s and inflation prevention in the 1970s. Under Greenspan, it took care of both pretty well. Brad DeLong of the University of California, Berkeley, an economist with no particular loyalty to the former maestro, estimates that of 36 significant interest-rate decisions during Greenspan...
What's in a name? For Taiwan, the answer may be its survival. The latest political gambit by outgoing President Chen Shui-bian has both elicited veiled threats from China and pitted his country against its main ally, the U.S. At issue is the name under which Taiwan intends to apply to regain membership in the United Nations. Chen has called for a referendum next March on whether the island should forgo its official name (the Republic of China) in favor of Taiwan. It's a provocative gesture, as it would seemingly codify Chen's contention that the island...
...Obama for months. Last week, Mayor Giuliani made a web ad slamming Senator Clinton’s flip-flop on the Iraq War. On the stump, Gov. Romney warns of the Democrats turning the country to the Left instead of forward. Both candidates have pointed out that of the main three Democratic contenders, Senators Clinton, Obama and John Edwards of North Carolina, who all are vying for the nation’s top executive office, not one has run so much as a “corner store.” Apparently, they can’t say enough about...
Kilpatrick insists he can win reelection in 2009. In the meantime, he must win back the confidence of several key constituencies - starting with older black voters like Charles Paschell, 80. Standing outside one of the few supermarkets on one of the city's main thoroughfares, Woodward Avenue, Paschell said he was initially attracted to the mayor's youthful energy. Now, however, his view has changed. "He's a mayor - he's got no business acting like he's been [doing]," Paschell says. "I'd like to see a young person make us look good...