Tuesday, April 22, 2003

Weekend at Alan's-Dubya is reupping Alan Greenspan for a fifth term as Fed chair. Thanks to Simone Koo for the heads-up, who thinks he's a bit too frail for the job
If he does get renominated, the reason is solely because Bush is afraid to lose the election of 2004 for economic reasons. Personally, I think he needs to surround himself more competent economists and appoint them to important positions to devise ways to better implement/invent government policies. Greenspan has been there long enough, I think.
I don't think it's 2004 that he has in mind, it's 2003. A Greenspan renomination is a slam-dunk, while nominating someone else will require a knock-down-drag-out set of hearing that will have the Democrats grilling the new chairman-designate about his macroeconomic theories. That's political capital he'd rather not spend right now. For all the trouble Dubya has with John McCain, he seems to have taken his advice uttered in the 2000 primary season
...I would not only reappoint Mr. Greenspan. If Mr. Greenspan should happen to die, God forbid, I would do like they did in the movie Weekend at Bernie's. I would prop him up and put a pair of dark glasses on him and keep him as long as we could.
Given his health, that's not too far from the truth, for Greenspan may well expire before his next term does.

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