2006-08-12 04:41:54 · 3 answers · asked by scottfamilytribe 3 in Politics & Government ➔ Other - Politics & Government
Hey! how you doing????
The office of Fed chairman is the most powerful in the world yet it is not an elected office. Greenspan lowered the rates to stave off the effects of the stock market bubble burst which he first predicted in Sept of 1998.
2006-08-12 05:27:08 · answer #1 · answered by mymadsky 6 · 0⤊ 0⤋
No, the Chairman of the Federal Reserve Board, while nominated by the President, does not report to him. Terms run 14 years, so Alan Greenspan also served during the Clinton years as well.
Ben Bernanke is chairman now.
You can read more here: http://www.federalreserve.gov/bios/
While we know that all political leaders are tempted to abuse their power, it would only be a matter of opinion and speculation to say that George W. Bush had any inappropriate influence on the decisions of Alan Greenspan. He may have wanted lower interest rates, but Alan Greenspan was never known for being unduly influenced by the executive branch.
Also, there is not a separate interest rate for housing set by the Federal Reserve Board. The bond market sets those rates in an open market environment.
2006-08-12 04:53:32 · answer #2 · answered by squarejer 1 · 0⤊ 0⤋
I don't think so, Greenspan seemed to have his own mind, that is why he is no longer on the administration
2006-08-12 04:58:45 · answer #3 · answered by class4 5 · 0⤊ 0⤋