Greenspan faults Democrats on trade

[bunkerbuster1]

Source: Reuters

WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan on Sunday faulted Democrats, including presidential candidate Sen. Hillary Clinton, for moving away from former President Bill Clinton's embrace of globalization.

"They're taking positions, which he as president veered away from," Greenspan said on NBC's "Meet the Press," speaking about Democrats and a possible White House under Hillary Clinton, who polls show as the Democrats' front-runner.

Asked how Democrats today were different from the party Bill Clinton led, Greenspan responded; "The whole area of trade ... is a very critical issue, because it's not only the issue of trade.

"It refers to the globalization, and how one views what is the driving force in this world, which creates prosperity."

Read more: http://news.yahoo.com/s/nm/20070923/pl_nm/usa_greenspan_dc_1;_ylt=Ai18avaTMZD64ENHJT6MTNetOrgF

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Alan, your opinion is relevant, why?

[bluestateguy]

1. Never apologize for protectionism

One should never have to apologize for wanting to protect American jobs.

[ohio2007]

2. He is being very generous in "spreading the wealth" of criticism around

that book tour must be moving into red country

[PSPS]

3. "It ... creates prosperity"

"It refers to the globalization, and how one views what is the driving force in this world, which creates prosperity."

Sure it does, for the top 0.1% "have mores" like Greenspan himself. But then, that's the target audience anymore for all of these sunday talk shows like "Meet the Whore." In fact, these talk show hosts are also fellow members of the "have mores." Tim Russert makes over $5 million a year.

[pacalo]

7. Exactly!

[Whoa_Nelly]

4. Ummm WHO? Who outsourced, pushed CAFTA and more?

STFU Greenspan! You're just trying to cover for your GOP embarrassment of a book.

You are a fucking punk, Alan!

And, I salute you!

[Trillo]

5. I believe the U.S. consitution empowers tariffs. nt

[jmm]

6. This was the best headline they could come up with?

Democrats haven't been in control of Congress long enough to enact any major changes. Something like Greenspan faults Congress on trade or Greenspan faults move from Clinton's policy on trade would be more appropriate but then the focus wouldn't be highlighting how Democrats are at fault.

[Vinca]

8. This from a man who just got a huge advance on his book -

was it $8,000,000? Meanwhile, our local paper reported about a Vermont plywood manufacturer going out of business because they can't compete with Chinese imports.

[FormerRepub]

9. Greenspan faults Democrats

I've been watching Greenspan on C-Span today. I've also read Bob Woodward's book on Greenspan called Maestro. I don't think he has fully grasped the fact that, in today's world, trickle down theory is becoming less and less valid. I haven't read his book yet, but I haven't heard him mention the fact that there is a great deal of wealth that has absolutely nothing to do with employment at best.... and much of it has been achieved through downsizing which has had detrimental effects on workers. In addition, much of this wealth is transferred in the private equity venue which is relatively unregulated......for which I would blame the Republican Party. I think he'll figure all this out soon...he's a smart guy overall.

It is also clear to many who once promoted NAFTA, etc. that it doesn't necessarily work the way it is supposed to. It is my understanding that Mexico suffered rather than benefited from NAFTA.. I think the Dem's cooling off on free trade is a reflection of lessons learned from NAFTA.

And I will have to add that I'm enjoying the hell out of Mattel & all those other companies who are having to deal with all these recalls after they flew the U.S. coop and sent their mfg overseas. Serves them right although I'm really sorry for all the parents, children & others who are the victims here.

The Republican Party needs a "time out" on the political stage. A.S.A.P. before they take us all the way down the drain.

[Demeter]

10. Modern Wealth Is Indeed Theft, These Days

With the possible exception of JK Rowlings first 8 books--Deathly Hallows was a classic scam, IMO.

[FormerRepub]

12. Greenspan on distribution of wealth

Greenspan did address this issue today on C-Span. He said that he is very concerned about the concentration of wealth in our modern global economy because capitalism cannot continue to exist if most of a population does not support it. He was worried about "populism" rising in response to this concentration of wealth. So he's not entirely out of it. However, his suggestions to fix the problem are not encouraging: 1. Improve primary and secondary education in our country. (fine) 2. Remove barriers to immigration by skilled workers from other countries to fill slots we can't fill domestically because of our sorry education system. (I don't get that one at all.) Sounds like he may have been at too many dinners hosted by big manufacturing corporations.

[CountAllVotes]

14. welcome to the DU FormerRepub

I think that Greenspan truly needs to permanently just RETIRE. I didn't see him on C-SPAN but OMG. Get RID of EDUCATION? :wtf:

[Deja Q]

16. Bingo, and welcome to DU!

he is very concerned about the concentration of wealth in our modern global economy because capitalism cannot continue to exist if most of a population does not support it.

Does not, or can not?

As for #2, the sorry education system, that doesn't add up. Then can be filled domestically if corporations want to train Americans. They have no qualms training Indians and Chinese; and according to some on DU, it's been said they get training for free. (Until I see links proving that, I'm not exactly inclined to believe it's a socialist movement on the corporations' part...)


And having been told in jobs past and present that by hiring fresh blood, they would tell existing workers of their skills, that's never happened either. Just another reason why the H1B issue seems as much as scam as it is anything else.

[dbonds]

11. Globalism only works in an ideal world,

where everyone has equal quality of life and all currencies are stable and on equal footing. Even then it doesn't protect the workers that build a company and lets the management move the company wherever. It is kind of like the other extreme of communism, which can only really work in ideal situations but never in the real world. As it is now, it is only a way for the rich to exploit cheap labor and screw over the skill workers that build companies (I know, you ask the assholes at the top and they think they built the company, but they didn't do it alone and many times were only pencil pushers). Globalism is the worst thing Clinton ever did. Lets learn from that mistake.

[Deja Q]

17. Which sounds like socialism, too

I said something along those lines on a different forum (not DU) and was said that's a socialist approach.

[riona]

13. Oh my stars, his opinion means so much to little old me

NOT :rofl:

[BearSquirrel2]

15. Greenspan hates deficits ...

Greenspan supposedly hates deficits but he doesn't pay attention to the most important one. The TRADE deficit. We are trading slave labor for the wealth of an elite few right now. Our budget is getting killed, taxes on the elite few are dropping and China is buying up our debt with the money we give them in exchange for slave labor.

The "global economy" is a neo-liberal fantasy/conservative ploy to pretend that the world is a great happy place that will deliver wealth to all if we only give up all our rights and embrace lazzie-faire policies. Greenspan could give a crap about the little guy. He only cares about economic indicees that really don't measure the wealth of the little guy. These guys all believe in "trickle down" economics that says we should all dine on the scraps from the tables of the wealthy.

[FormerRepub]

18. More on free trade

I think there's a good reason why the sculpture reportedly outside of the Federal Trade Commission Offices in D.C. portrays a strong man with muscles bulging as he attempts to hold the reins of several rearing horses fighting to break away. Trade has to be controlled/managed at some point and it's ridiculous for conservatives to even try to claim that trade is "free" anyway. Our government has always tinkered with trade.....as I recall, George Washington's govt was supported by customs duties...??? As long as the Republican Party as it is now constituted has a strong voice in our government, the super wealthy will have control of our economy.

The funny thing is that Greenspan called Bill Clinton the best "Republican" president he knew. Clinton believed in balancing the budget and worked well with Greenspan. We all know what a good situation our country was in economically after 8 yrs of Clinton......that needs to be stressed in the upcoming political campaigns, it seems to me, because the Republicans will no doubt scream that Democrats would ruin our economy if given more power.......Bill Clinton's record is our best defense against these assertions in my admittedly neophytish opinion.

[cigsandcoffee]

19. If there's a better path to world peace than economic partnerships...

...then I'd love someone to tell me what it is. I'm very much with Bill Clinton when it comes to the concept of using economic cooperation to bolster the international community. Countries that trade with each other are less likely to go to war, and people with economic opportunity are less likely to push for violence out of anger and desperation.

[FormerRepub]

20. If there's a better path...

I agree with you on this. However, I also think we need "fair trade" rather than totally "free trade" which gets into currency regulation, subsidies for select industries by our trading partners, etc. which place the U.S. at a disadvantage. It will be interesting to see if our export situation improves with the weakening of the dollar. I did see one very interesting note recently which stated that one way to reduce imports from China without breaking any trade agreements is to continue to refuse permits to build new port facilities on our west coast. This is really a complicated issue.

[cigsandcoffee]

21. Fair trade, absolutely.

And I completely agree about the complexity of it. I just resist isolationist and protectionist attitudes in line with the Pat Buchanans of the world, which are becoming more and more prevelant in leftward circles. Circling the wagons around the United States isn't good for us or the rest of the world - we should have fair access to their markets, and they should have fair access to ours. A lot of bloodshed can be prevented that way, and the vast disparity between rich and poor countries could lesson without us giving away the farm.

There is a lot of room for abuse (and much has occured in the name of free trade), but the ideology of it is sound.

[AndyTiedye]

22. Globalization Doesn't Go Far Enough. Globalize the Unions Too

We can't continue to allow them to play one country's workers off against another's.

Bring labor to the table at these trade agreements.

If they want our jobs, they have to have the right to organize and form unions.
Same or better standards for worker safety, hours, overtime, etc.

Where these differ, they should be negotiated UP, not DOWN.