Allan Meltzer
Allan Meltzer
Allan H. Meltzeris an American economist and professor of Political Economy at Carnegie Mellon University's Tepper School of Business and Institute for Politics and Strategy in Pittsburgh, Pennsylvania. He was born in 1928 Boston, Massachusetts to a Jewish family. Meltzer specializes on studying monetary policy and the US Federal Reserve System, and has authored several academic papers and books on the development and applications of monetary policy, and about the history of central banking in the US...
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Don't believe ... the widely reported loss of millions of manufacturing jobs since the Bush administration took office, ... All these alleged facts are either wrong or greatly exaggerated, based on the same faulty source.
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There's more consensus . . . within the economics profession about how the world works than there was in the 1950s, '60s and '70s.
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We get cheap goods in exchange for pieces of paper, which we can print at a great rate.
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Nobody in Washington can survive if he's not political.
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The borrowing paid for the imports that the United States bought from countries that were suffering from deep recessions and pulled them out of those recessions.
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What he's shown is that you can have full employment and low inflation at the same time. The Keynesian school didn't believe that, but Greenspan showed that it could be done.
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The way to get higher growth is to have lower inflation. The success of the Fed and the Bank of England has done much to convince people that that's the way to go.
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The name that's on the economy is Greenspan. If you want to step back and say Gore's responsible, it's hard to make that connection.
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He had to agree to it and accept it and believe in it.
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His big failing is that he hasn't provided the Fed with a replicable method of re-creating Alan Greenspan. He hasn't left behind an institutional framework that will guide his successor.
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The fact that you have only these minor criticisms is quite an achievement.
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They'll want to see him tested. Greenspan had, in a sense, the good fortune that there was a crisis (Black Monday, Oct. 19, when the Dow lost more than 20%) within the two months of the time he acceded to the chairmanship, and he handled the crisis very well. That established him in the market as a credible chairman.
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They'll want to see him tested, ... Greenspan had, in a sense, the good fortune that there was a crisis (Black Monday, Oct. 19, when the Dow lost more than 20%) within the two months of the time he acceded to the chairmanship, and he handled the crisis very well. That established him in the market as a credible chairman.
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He's staying with the position he had before. There are local bubbles but no national bubble.