[123] In December 1984, Greenspan began dating journalist Andrea Mitchell. It was a completely different era than today. In a recent interview at Wharton, former Federal Reserve Chairman Alan Greenspan discussed recession fears, China's growth and what the U.S. can learn from Sweden. [55][56], On April 30, 2009, Greenspan offered a defense of the H-1B visa program, telling a U.S. Senate subcommittee that the visa quota is "far too small to meet the need" and saying that it protects U.S. workers from global competition, creating a "privileged elite". With cooking, you've got a sense of what it's going to be, you have a thought about seasoning it. a suspect goes to this if there is sufficient evidence, so the . [4], Greenspan lives in Manhattan, Paris and Westbrook, Connecticut.[5][6]. She introduced me to someone at Food & Wine, and they said, "Why don't you send us a proposal?" A modern take on kugelhopf, Dorie Greenspan's version is part cake, part bread. Beat for 3 minutes more; stir in the vanilla. 1 stick (8 tablespoons/4 ounces/113g) very cold unsalted butter, cut into 16 . DG: It was Joshua's idea, and it was a great idea, and we couldn't have done this without friendspeople who jumped in to help us at the last minute. Her 11-city book tour brings Greenspan to Bartolotta's Lake Park Bistro, 3133 E. Newberry Blvd., for "An Evening with Dorie Greenspan," 6:30 p.m. Nov. 7. It's not a by-the-rules French book. It's amazing. In April 1997, they were married by Supreme Court Justice Ruth Bader Ginsburg. Inducted into the Who's Who of Food and Beverage in America, DORIE GREENSPAN is the author of the James Beard Award-winning Baking: From My Home to Yours. In 2007, Paulson had foreseen the collapse of the sub-prime housing market and hired Goldman Sachs to package their sub-prime holdings into derivatives and sell them. Many have argued that the "easy-money" policies of the Fed during Greenspan's tenure, including the practice known as the "Greenspan put", were a leading cause of the dot-com bubble and subprime mortgage crisis (the latter occurring within a year of his leaving the Fed), which, said The Wall Street Journal, "tarnished his reputation". [124] Greenspan at the time was 58 and Mitchell was 38. I never got fast enough to be in the kitchen. On April 19, 2012, Greenspan received the Eugene J. Keogh Award for Distinguished Public Service from NYU.[135]. (My last cookbook, Everyday Dorie, was a Scorpio, like its mom.). Everyday Dorie: Nominated for a Beard Foundation Award! These improvements have led to rapid growth in subprime mortgage lending; indeed, today subprime mortgages account for roughly 10 percent of the number of all mortgages outstanding, up from just 1 or 2 percent in the early 1990s.[88]. He stated that the errors that were made stemmed not from the principle, but from the application of competitive markets in "assuming what the nature of risks would be". The economist is married to Andrea Mitchell , his starsign is Pisces and he is now 96 years of age. At the same time, I indicated some concerns about the risks associated with derivatives, including the risks posed by concentration in certain derivatives markets, notably the over-the-counter (OTC) markets for U.S. dollar interest rate options. dorie greenspan cookbooks erin mcdowell dorie greenspan cookies . I burned my parents kitchen down when I was 12 and didnt cook again until I got married. Now in a big, personal, and personable book, Dorie captures all the excitement . Greenspan lent support to Clinton's 1993 deficit reduction program. [122] He dated newswoman Barbara Walters in the late 1970s. "[46], Greenspan opposed tariffs against the People's Republic of China for its refusal to let the yuan rise,[47] suggesting instead that any American workers displaced by Chinese trade could be compensated through unemployment insurance and retraining programs.[48]. Greenspan left Columbia in 1953 and formed Townsend-Greenspan & Co., Inc., an economic consulting firm in New York. I wasn't cut out for this. Celery Root Puree with Caramelized Apples. Editors' pick Best Cookbooks, Food & Wine. Do we wish to retest the evidence? Dorie Greenspan: I've been in love with France for decades. Serves. Dorie Greenspan View history Dorie Greenspan (born October 24, 1947) [1] is an American author of cookbooks. Appointed by U.S. Pres. In her nine solo cookbooksmost recently Everyday Dorie, which came out late last yearGreenspan has guided thousands through everything from gougres pastry to goat cheese tart. [62] Regarding future U.S. economic policy, Greenspan recommends improving the U.S. primary and secondary education systems. I make Gougres constantly. Dorie Greenspan: I've been in love with France for decades. 10 Servings Ingredients 2 Tbsp powdered sugar cup plus 1 Tbsp granulated sugar 3 large egg whites, room. [38], In January 2001, Greenspan, in support of President Bush's proposed tax decrease, stated that the federal surplus could accommodate a significant tax cut while paying down the national debt.[39]. [63] Although he respected what he saw as Richard Nixon's immense intelligence, Greenspan found him to be "sadly paranoid, misanthropic and cynical". He concluded: "It is important, indeed crucial, that any reforms in, and adjustments to, the structure of markets and regulation not inhibit our most reliable and effective safeguards against cumulative economic failure: market flexibility and open competition." Ruth Wakefield's 1938 recipe for chocolate chip cookies, in the fourth edition of Toll House Tried and True Recipes, uses the exact ratio of butter, sugar, flour, and chocolate established by the . That's very, very exciting. Epi: How has living part-time in France affected your approach to cooking and entertaining? 2 teaspoons baking powder. The incoming administration of President-elect Joe Biden has its work cut out for it, and getting the virus under control should be the number one priority, according to former Federal Reserve . Equipment [75], In the wake of the subprime mortgage and credit crisis in 2007, Greenspan stated that there was a bubble in the U.S. housing market, warning in 2007 of "large double digit declines" in home values "larger than most people expect". [22] Before he was appointed chairman of the Federal Reserve, from 1955 to 1987, Greenspan was chairman and president of Townsend-Greenspan & Co., Inc., an economics consulting firm in New York City. Greenspan retired as chairman of the Federal Reserve Board in January 2006. My book was the inspiration for them, but they're just an extraordinary groupthis really shows you the power of the Internet. He is also named in Time magazine as one of the "25 People to Blame for the Financial Crisis". I didn't know exactly what I wanted to do, but I knew I wanted it to be food. [58] Greenspan says that he wrote the book in longhand mostly while soaking in the bathtub, a habit he regularly employs since injuring his back in 1971. Every time something looked like an opportunity, I always said, "Yes." Epi: Around My French Table includes recipes for international dishes like guacamole, tzatziki, Vietnamese chicken noodle soup, and tuna and mango cevichewhy did you include these? 0. I watch what people do with recipes, and it's so exciting. Alan was 58 and Andrea was 38 when they tied the knot. He made his 20 million dollar fortune with Chairman of the Federal Reserve of the United States. Greenspan was given a share of the credit for the longest official economic expansion in U.S. history (March 1991February 2000). Epicurious: What motivated you to write Around My French Table? teaspoon fine sea salt. In reality, Greenspan didn't know and evidence supporting this claim was his strident avoidance of clarity. next post. When you go into the supermarket, tzatziki is a ready-made product, guacamole a ready-made product. [21] From 1948 to 1953, Greenspan worked as an analyst at the National Industrial Conference Board (currently known as the Conference Board), a business- and industry-oriented think tank in New York City. Published Oct 19, 2021. . [40] His critics, led by Steve Forbes, attributed the rapid rise in commodity prices and gold to Greenspan's loose monetary policy, which Forbes believed had caused excessive asset inflation and a weak dollar. During the years of his chairmanship, Greenspan became known for his decisive use of monetary policy in steering the economy between the hazards of inflation and recession. Epi: Tuesdays with Dorie is an online group with over 200 members that bake and blog about recipes from your book, Baking: From My Home to Yours. And this is the best part: A surprising number of members have written to tell me that by being part of the group and learning to bake, they've not only gained confidence in their baking, but that learning something new, finding themselves to be good at it, and having gotten the support of the group has given them confidence in other areas of their lives. [73] When asked about free markets and Rand's ideas, however, Greenspan clarified his stance on laissez faire capitalism and asserted that in a democratic society there could be no better alternative. 4 comments. But she'll also point you toward the most delicious easy dessert recipes, the kind of loaf-pan cakes that are perfect for brunch or snacking throughout the week. During the 1950s and 1960s Greenspan was a proponent of Objectivism, writing articles for Objectivist newsletters and contributing several essays for Rand's 1966 book Capitalism: The Unknown Ideal including an essay supporting the gold standard. [67][68] During the 1960s Greenspan offered a ten-lecture course, "The Economics of a Free Society", under the auspices of the Nathaniel Branden Institute. In 2008, Greenspan expressed great frustration that the February 23 speech was used to criticize him on ARMs and the subprime mortgage crisis, and stated that he had made countervailing comments eight days after it that praised traditional fixed-rate mortgages. I was a columnist for The New York Times Magazine for five years. While every effort has been made to follow citation style rules, there may be some discrepancies. Ingredients. Why the Housing Bubble Crashed the Financial System but the Dot-com Bubble Did Not", United States home front during World War II, Federal Reserve v. Investment Co. Institute, 2009 Supervisory Capital Assessment Program, Term Asset-Backed Securities Loan Facility, PublicPrivate Investment Program for Legacy Assets, Chairs of the Council of Economic Advisers, Trial of Kenneth Lay and Jeffrey Skilling, https://en.wikipedia.org/w/index.php?title=Alan_Greenspan&oldid=1142794594, American people of Hungarian-Jewish descent, American people of Romanian-Jewish descent, Chairs of the United States Council of Economic Advisers, Columbia Graduate School of Arts and Sciences alumni, Fellows of the American Statistical Association, George H. W. Bush administration personnel, George Washington Educational Campus alumni, Honorary Knights Commander of the Order of the British Empire, Members of the American Philosophical Society, New York University Stern School of Business alumni, People from Washington Heights, Manhattan, Short description is different from Wikidata, Articles with unsourced statements from August 2022, Articles with unsourced statements from May 2020, CS1 maint: bot: original URL status unknown, Creative Commons Attribution-ShareAlike License 3.0, What I've learned at the Federal Reserve is a new language which is called ", This page was last edited on 4 March 2023, at 12:05. Greenspan also played a key role in organizing the U.S. bailout of Mexico during the 19941995 Mexican peso crisis. [97], Greenspan responded to his critics in a follow-up article in which he defended his ideology as applied to his conceptual and policy framework, which, among other things, prohibited him from exerting real pressure against the burgeoning housing bubble or, in his words, "leaning against the wind". Dorie Greenspan's Miso-Maple Loaf. For these reasons, Greenspan has been criticized for his role in the rise of the housing bubble and the subsequent problems in the mortgage industry,[89][90] as well as "engineering" the housing bubble itself. This article was most recently revised and updated by, https://www.britannica.com/biography/Alan-Greenspan, Alan Greenspan - Student Encyclopedia (Ages 11 and up), Emergency Economic Stabilization Act of 2008. [65] Greenspan was introduced to Rand by his first wife, Joan Mitchell. Melissa November 8, 2016 - I don't know how significant or permanent it is. She said, "You love food, you know a lot about it, you cook, you bake, you've had this experience as a baker." [50] He also accepted an honorary (unpaid) position at HM Treasury in the United Kingdom. (Economist) Alan Greenspan is an American economist who served as chairman of the Federal Reserve of the U.S from 1987 to 2006. I have fiveJames Beard Awards (one for journalism; one for my book, Baking with Julia; one for Baking From My Home to Yours; one for Dories Cookies; and one for being voted into the Whos Who of Food and Beverage in America). Omissions? [65], Greenspan has come under criticism from Harry Binswanger,[71] who believes his actions while at work for the Federal Reserve and his publicly expressed opinions on other issues show abandonment of Objectivist and free market principles. That's when I got the opportunity to shop . Democratic president Bill Clinton reappointed Greenspan, and consulted him on economic matters. Alan Greenspan was born on 6 th March 1926 in New York City, Us. I think I'm very, very lucky to have both in my life. [7] Then-Democratic House Minority Leader Nancy Pelosi added that there were serious questions about the Fed's independence as a result of Greenspan's public statements. And that means that I don't want to be in the kitchen doing last-minute fussy things with food. They write new content and verify and edit content received from contributors. "[77], Greenspan stated that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates",[78] though he also claims that long-term interest rates are beyond the control of central banks because "the market value of global long-term securities is approaching $100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks". Greenspan advised senior members of the George W. Bush administration to depose Saddam Hussein for the sake of the oil markets. Whisk together the flour, baking powder, baking soda and salt in a medium bowl, then whisk in the cornmeal. But, with her newly published, tenth cookbook, Around My French Table, Greenspan is showing off her savory side. As chairman of the Council of Economic Advisers (197477) during Gerald Fords presidency, Greenspan promoted policies that caused the rate of inflation to drop from 11 to 6.5 percent. DG: It's really that we are partners in this. And once it goes into the oven, it's all overwhatever it is, it is. Dorie Greenspan's name is synonymous with baking.Join the best-selling author of 13 cookbooks, New York Times baking columnist, and winner of 5 James Beard awards as she discusses her new book, Baking with Dorie: Sweet, Salty & Simple.It's Greenspan's first all-purpose baking collection in more than a decade, and it's as American as her Mulled Butter Apple Pie. In 2004 he lowered interest rates to 1%, enabling banks to borrow money for free, adjusted for inflation. He was far from sure that the increase in house prices posed a . Previously, he had affair with Barbara Walters in the late 1970s. Testifying on immigration reform before the Subcommittee on Immigration, Border Security and Citizenship, he said more skilled immigration was needed "as the economy copes with the forthcoming retirement wave of skilled baby boomers". I didn't know how to send out a proposal, so I just made the dishes that I would include, dropped them off at the office, and got an assignment. 15 min. [13], Greenspan attended George Washington High School from 1940 until he graduated in June 1943, where one of his classmates was John Kemeny. And when I told people that I was a food writer, they would say, "What's that?" DG: I have recipes here from friends and from chefs who have bistros that I really love, but most of this food is my food. If it wasn't elaborate, if it wasn't complex, if it wasn't going to take me all day, it just didn't interest me. (Complete Interview)", "Complete List 25 People to Blame for the Financial Crisis", "Transcript: Nancy Pelosi on 'FOX News Sunday', "Greenspan Supports 'Ownership' Concept in Social Security", "Senate Democratic Leader Blasts Greenspan", "Barney Frank Says Race a Factor in Subprime Blame Game", "Greenspan Likes Social Security Private Accounts, But Urges Caution", "Greenspan Says U.S. Must Adjust Retirement Programs (Update1)", "FRB: Testimony, Greenspan Humphrey-Hawkins February 26, 1997", "Citations for Recipients of the 2005 Presidential Medal of Freedom", "Alan Greenspan Receives Defense Department Distinguished Public Service Award", "Greenspan receives Dept of Defense medal", "Historic highlights page with picture of 1976 winner Alan Greenspan", https://www.cbsnews.com/news/knighted-but-not-sir-alan/, "NYU Alumni Association Awards Past Recipients", "University of Notre Dame Honorary Degree Recipients 1844- 2019", "Chronological Listing of Honorary Degree Recipients of the University of Pennsylvania", "Harvard University Honorary Degree Recipients 1994-2019", "Remarks by Chairman Alan Greenspan Commencement address Harvard University", "Yale University Honorary Degrees Since 1702", "University of Edinburgh Honorary Degree Recipients Database", "Alan Greenspan and Gordon Brown Receive Honorary Degrees From NYU, December 14, 2005", "From Bubble to Depression? And then 13 years ago, we got an apartment in Paris, and I became a Paris-New York commuter. International recognition of Greenspans achievements continued: in 2000 the French government awarded him the Legion of Honour, and in 2002 Queen Elizabeth II of the United Kingdom named him an honorary Knight of the British Empire. Dorie Greenspan headshot photo credit: Alan Richardson. Some economic commentators blamed this collapse on Greenspan's policies while at the Fed. I love that. His father, Herbert Greenspan, was of Romanian Jewish descent, and his mother, Rose Goldsmith, was of Hungarian Jewish descent. [87] In that speech, Greenspan had suggested that lenders should offer to home purchasers a greater variety of "mortgage product alternatives" other than traditional fixed-rate mortgages. [115], Republican Senator Jim Bunning, who opposed Greenspan's fifth reconfirmation, charged that Greenspan should comment only on monetary policy, not fiscal policy. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. I just think it's phenomenal. "You know, that's precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well. [30], Two months after his confirmation, Greenspan said immediately following the 1987 stock market crash that the Fed "affirmed today its readiness to serve as a source of liquidity to support the economic and financial system". By PureWow Editors. That leaves them fully exposed to rising rates.[91]. Greenspan has won the James Beard Foundation Award five times, as well as the International Association of Culinary Professionals Cookbook of the Year Awards for Desserts by Pierre Herm and Around My French Table, and Dorie's Cookies. Such developments are representative of the market responses that have driven the financial services industry throughout the history of our country With these advances in technology, lenders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers. As the Asian economies recovered and the U.S. economy continued its solid expansion, he initiated a series of interest rate hikes in June 1999. Let us know if you have suggestions to improve this article (requires login). Unregulated Free Market Fundamentalism Zealotry", "How to Prevent the Next Wall Street Crisis", "In Washington, Financial Furor Is a First-Rate Chance to Assess Blame", "We will never have a perfect model of risk", "Why Greenspan Does Not Bear Most of the Blame", Over-the-Counter Derivatives Markets and the Commodity Exchange Act: Report of The President's Working Group on Financial Markets, "Greenspan "shocked" at credit breakdown", "Greenspan admits some guilt over financial crisis", "Matt Taibbi: "Why Isn't Wall Street in Jail?" [29] Investor, author and commentator Jim Rogers has said that Greenspan lobbied to get this chairmanship. In 2004, Businessweek magazine analysts argued: "It was the Federal Reserve-engineered decline in rates that inflated the housing bubble the most troublesome aspect of the price runup is that many recent buyers are squeezing into houses that they can barely afford by taking advantage of the lower rates available from adjustable-rate mortgages. I could go onI love the recipes in this book. What touches me, really, is the number of people who have written to me to say that they joined the group as non-bakers. [118], In an October 2011 lecture addressing the Occupy movement,[119] Noam Chomsky characterized portions of Greenspan's February 1997 testimony to the U.S. Senate as an example of the self-serving attitudes of the so-called 1%. Dorie Greenspan is the kind of writer who can convince you that you're capable of tackling a fancy layer cake or complicated pastry project. She has won five James Beard Awards for her cookbooks and journalism, and was inducted into the Who's Who of Food and Beverage in America. And what I've loved about it doesn't have to do with me. His parents divorced when he was a small kid and was left under his mother's care. 1 (204g) cups all-purpose flour. I think that being with my friends in France around the table has made me really appreciate even more how good conversation and friendship really form around food. My latest cookbook, Baking with Dorie, came into the world on October 19, 2021. [80] Then, after the accounting scandals of 2002, the Fed dropped the federal funds rate from then current 1.25% to 1.00%. By late 2004, the price of gold was higher than its 12-year moving average. On this Wikipedia the language links are at the top of the page across from the article title. The reason that Greenspan took the monetary actions he did, I am sure, is because at the time he thought they were the best policy. Dorie Greenspan With the publication of her latest collection, Baking with Dorie, New York Times-bestselling author Dorie marks her 30th anniversary as a cookbook author. Greenspan, the author of countless cookbooks, including Dorie's Cookies, told Epicurious that she learned through trial and error that baking cookies in small metal ring molds are the best way to give them a clean, tailored look. It's a whole different set of ingredients, aromas, and textures. But there's also a new kind of partnership that I've become so aware of on the Web. Scott Applewhite/Associated Press) Alan Greenspan has spent the last five years revising his view of the way human emotions influence markets. He will be remembered . Baking for me is magic. You look at the butter, the flour, the eggs, the sugar, and you have no idea what you're going to get. Her imaginative collection of recipes for pancakes, crepes, and blintzes will inspire you to keep the griddle hot from sunup to sundown. Courtesy of Alan Richardson You can do more with a pumpkin than. [15] Among his bandmates in the Woody Herman band[citation needed] was Leonard Garment, Richard Nixon's special counsel. [2][3][4] Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization[5][6] and tax cuts.[7]. First nominated to the Federal Reserve by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position, behind only William McChesney Martin. previous post. [109] Greenspan also received criticism from Democratic Congressman Barney Frank and others for supporting Bush's Social Security plans favoring private accounts. Several notable contributors in defense of Greenspan included Stephen S. Roach, Allan Meltzer, and Robert Brusca. The markets are jittery about . [41] He believed that even a moderate disruption to the flow of oil could translate into high oil prices,[42] which could lead to "chaos" in the global economy and bring the industrial world "to its knees". I had cookies flying off their baking sheets because of the convection, and stuff that was supposed to take 18 minutes was burned in half that time. I was awarded the Mrite d' Agricole - the Order of Agricultural Merit - by the French Consulate for my writings about France's food I live in three places: New York City, Westbrook, CT and Paris, France and yes, I consider myself extraordinarily lucky Contact me Dorie Greenspan @doriegreenspan @doriegreenspan Dorie Greenspan My latest books [106] He also called Greenspan a "classic con man" who, through political savvy, "flattered and bullshitted his way up the Matterhorn of American power and jacked himself off to the attention of Wall Street for 20 consecutive years". Now I find that I'm really interested in making delicious food that I can share with friends where I can be there with them. His dissertation is not available from the university[19] since it was removed at Greenspan's request in 1987, when he became chairman of the Federal Reserve Board. While presenting the Federal Reserve's Monetary Policy Report in July 2002, he said that "It is not that humans have become any more greedy than in generations past. [64], In the early 1950s, Greenspan began an association with novelist and philosopher Ayn Rand. "[104] Greenspan admitted fault[105] in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected. In 1987, Ronald Reagan appointed Alan Greenspan to chair the Federal Reserve Board, America's central bank, where Greenspan remained for 19 years. In 2009, Robert Reich wrote that "Greenspan's worst move was to contribute to the giant housing bubble and the worst worldwide crash since the Great Depression. And when the puffers are hot, they are stretchy and custardy - and really only like themselves. We had my recipes, which we had been making over and over and testing down to the last little gram, and then we got into the kitchen and nothing that I had tested worked, because the ovens were so completely different. It was really a different time. If you'd like to receive my newsletter, xoxoDorie, please sign up below. [59] Greenspan discusses in his book, among other things, his history in government and economics, capitalism and other economic systems, current issues in the global economy, and future issues that face the global economy. Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. [113], Others, like Republican Senator Mitch McConnell, disagreed that Greenspan was too deferential to Bush, stating that Greenspan "has been an independent player at the Fed for a long time under both parties and made an enormous positive contribution". Emily Weinstein, who wrote a series on this blog about learning to cook, is now learning to bake with the food writer and cookbook author Dorie Greenspan. I feel like France has been with me for a very, very long time. Other government agencies also supported that view.[101]. "My overall view is that the inflation outlook is . [51] Stabilizing corporate profits are said to have influenced his comments. It is a clich, but it is true: There are cooks, and there are bakers. [125], In 1976, Greenspan received the U.S. So I think I got my first stories almost by accident. Beat the butter until creamy; add sugar. 4.7 4.7 out of 5 stars (771) Hardcover. Click it. On 06-03-1926 Alan Greenspan (nickname: Alan) was born in Washington Heights, New York City. He met the polemical novelist Ayn Rand in 1952 and became a member of her inner circle, adopting her philosophy of radical self-interest and laissez-faire capitalism (see objectivism). 15 min. The New York Times called her a "culinary guru" in 2004.[2]. Don't start with your sister's wedding cake! "[95], In congressional testimony on October 23, 2008, Greenspan finally conceded error on regulation. The article attracted a number of critical responses from forum contributors, who, finding causation between Greenspan's policies and the discontinuities in financial markets that followed, criticized Greenspan mainly for what many believed to be his unbalanced and immovable ideological suppositions about global capitalism and free competitive markets. Chicago, and New York are under federal investigation for systematic human rights abuses, usually related to minority groups. Can you tell us about the experience? [25][26] He was a director of the Council on Foreign Relations foreign policy organization between 1982 and 1988. [62], In March 2005, in reaction to Greenspan's support of President Bush's plan to partially privatize Social Security, then-Democratic Senate Minority Leader Harry Reid attacked Greenspan as "one of the biggest political hacks we have in Washington"[5][6] and criticized him for supporting Bush's 2001 tax cut plan.
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