The Trail: A Daily Diary of Campaign 2008


McCain's Economic Strategy: Bring in Greenspan

By Juliet Eilperin
SUMTER, S.C.--Sen. John McCain (R-Ariz.) unveiled a new economic strategy in South Carolina today with a truly revolutionary aspect: Alan Greenspan, dead or alive.

After decrying the length and complexity of the U.S. tax code, McCain vowed to establish a bipartisan commission that would capitalize on the gravitas of former Federal Reserve chairman Alan Greenspan, no matter how he is faring by the time this committee finally materializes.

"I want to set up a committee headed by Alan Greenspan, whether he's alive or dead, it doesn't matter," he said, prompting laughter from the crowd. "If he's dead, we'll prop him up and put dark glasses on him, like in 'Weekend at Bernie's.'"

Then, according to his plan, the committee would submit its recommendations for simplifying the tax code to Congress, which would have 60 days to approve or reject the proposal. McCain did not elaborate on whether Greenspan would wear dark glasses when delivering congressional testimony in the future.

Posted at 9:06 PM ET on Jan 17, 2008
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OMARKHYRAM-Greenspan most certainly did Rivet the Dollar. For most of his term, the Dollar was viewed as too strong.

As far as the Subprime Loans, WHY did they come about, and who really was trying to use them?

People taking Advantage of bill Clinton's other bone-headed stunt, the Waiver on Capital Gains on Houses "Flipped" W/in 2 years!
Of course people wanted Loans that only payed interest for two years, they expected the housing bubble to keep rising, selling, and cashing in!
Then, oops! Prices stopped rising, and even began falling! NOW, their short term plans fell through! Now, they have to pay the Regular Payments, they could not afford!
Or, worse yet, they took out Home Equity Loans, have two Mortgages, and a house with zero Equity!

Bank deregulation, Equity loans, Capital Gains Waiver, and EO 13166. Bill Clinton's death blows to Americans!

LOL! Millions want the Clintons back!

Posted by: rat-the | January 18, 2008 9:05 PM

Ron Paul is really the one up for this massive economic challenge in front of us, upon us.

Paul vs. Bernanke
Ron Paul & Economics - Saving the Economy; Saving America:

Posted by: davidmwe | January 18, 2008 5:48 PM

GREENSPAN WILL SAY VETO SPENDING. He said that to the Republicans in general and President Bush in particular.

He predicted a problem with Subprime spending in 2006.

Claiming he strangled the dollar is ignorant. His loose monitary policy with a low interest rate fueled the Subprime Lending issue, but they did not listen to his recommendation to INCREASE taxes and DECREASE spending to STOP the borrowing by government.

Posted by: omarkhyam1951 | January 18, 2008 4:16 PM

One corpse designates another...but mebbe cadavers WOULD be an improvement over the traitorous carpet-baggers running the country into a rat-hole as we speak !

Posted by: Hub2 | January 18, 2008 4:10 PM

The Bush tax cuts got us into this mess - read Lester Thurow last book - Fortune Favors the Bold - Bush was told by everyone in the Trade Deficit Commission in Oct 2000 not to cut taxes (Republican and Democrats alike) but he wanted to keep his promise to his favorite consitutents (the wealthy) and he did. And the American people voted Bush in a second time - and now we want to blame someone else - good luck.

Posted by: agapn9 | January 18, 2008 1:19 PM

jward52-Actually, Bill Clinton's De-regulation of the Banks set us up. As did his Waiver on Capital Gains for houses "Flipped" w/in 2 Years.
Along with several other idiotic bills and Exectutive orders.
Bushie's sin, not reversing them!
As far as McClown's love for Greenspan, only Old farts would!
His STRANGELATION of the Dollar is one of the things biting us now. His entire purpose in life, was to stop inflation. Inflation the "Greatest" Generation did not want eating up their holdings!
Great for them, but very, very BAD for the later generations who did not get the opportunistic Markets they did when they acquired all their wealth!
Bernanke really chaps me by carrying on as Greenspan did!
It is just more of the persistant problems people suffer from the existing(McClown) Status Quo!

Posted by: rat-the | January 18, 2008 12:35 PM

Besides the fact that McCain used this joke several times already, the problem is that the emperor Greenspan is wearing no clothes. He told us years ago there was "a little froth" in the housing market when he knew full well that there was such a dishonest pattern of home lending keeping the economy afloat that a recession was inevitable almost as soon as he retired. He is a political hack and a cowardly one at that. Most of us saw this coming, but he used his influence to dishonestly manipulate the markets and support Bush's tax cuts with illusory economic activity stemming from the mortgage boondoggle.

Posted by: dyinglikeflies | January 18, 2008 10:58 AM

Please, for the potential good of *our* nation, read this:

Paul vs. Bernanke on Value of the Dollar

Ron Paul is the man for this job- president of the United States of America.

Posted by: davidmwe | January 18, 2008 10:27 AM

Bring in GREENSPAN,- are you crazy!? The so-called Federal Reserve (a private un-accountable banking corporation) got us in this Mess in the First Place!! We The People can Manage and Coin Our Own Money Supply, as the U.S. Constitution Legislated! - And without creating this country destroying National DEBT! Real Change Is Needed. The most savvy and despicable Terrorists are cunningly Looting Our Great Nation, and they are right Here under Our Eyes! - Oue Founding Fathers would be ashamed of our inactions! - 'GRASSROOTS-BURNING' -

Posted by: jward52 | January 18, 2008 10:21 AM

When are the politicians of both parties going to level with the American people? The recession is already here.

Posted by: Trumbull | January 18, 2008 9:41 AM

You ask: "What Republican Candidate would be best for economic prosperity?"

I doubt if any particular one of the present Republican aspirants would be any better than the previous best Republican president. And who was the best? It was Reagan of course; for most considerations, Reagan was about on par with the average results turned in by Democratic presidents for the entire post WW II era. Here is a peek.

Posted by: tgoodwin1 | January 18, 2008 9:03 AM

Do people still wonder why the GOP is a complete joke? Can't they even pretend they have some idea of how things actually work?

Posted by: zukermand | January 18, 2008 8:56 AM

Republican differ on economic stimulus.

What Republican Candidate would be best for economic prosperity?


Posted by: jeffboste | January 17, 2008 11:35 PM

Let the old man rest, already. This pattern of pining for Greenspan is unhealthy and unproductive. We need to give Bernanke some credit for trying to do his job. I know Bernanke's not mentioned in the article, but it seems as if people keep implying he is not as good as Greenspan. Actually, there is only so much the Fed can do. If there is going to be a recession, we shouldn't expect the Fed to have answers for everything when there are unscrupulous people willing to con others for their own profits.

Posted by: moxiezbug | January 17, 2008 11:27 PM

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