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03/29/2004 Archived Entry: "Greenspan's diminishing aura"

Posted by steve @ 02:09 AM EST [Link]

THE SHINE IS OFF: It isn't just Geoge W. Bush's numbers that are down, so are Alan Greenspan's. Of course, Greenspan doesn't have to win any elections.

Once policymakers hung on his every pronouncement. Now, some have questioned the appropriateness of some comments, such as a recent remark that Social Security benefits may need to be cut.

In short, these are trying times for America's economic oracle. While managing the Fed in a seemingly fragile recovery, he also, analysts say, concerned with managing his own reputation in posterity, and perhaps with whether he wants to be reappointed when his term finishes in June.

"[Greenspan's] no longer so revered as he was in 1999," says Paul Kasriel, an economist at the Northern Trust Co. in Chicago.

Read on.