Ex-Fed chief: Risks rising

first_imgThe interview with Greenspan dovetails with the release and promotion of his new book, The Age of Turbulence: Adventures in a New World. In the interview, Greenspan was also frustrated about expanding social programs, especially at a time when a wave of 78 million baby boomers will start to retire next year, burdening the country’s resources. He singled out Medicare, which is projected to go bust by 2019 unless something is done. “The whole slew of candidates – it’s mainly Democrats, but some Republicans – want to add to it more,” Greenspan said. “Nobody wants to do – or look at the issue and come up with a rational solution. This is, I regret to say, irresponsible.” In his book, Greenspan suggests Medicare benefits would have to be cut substantially for the affluent, whom he envisions having copayments approaching 100 percent. His concerns come as Democratic presidential candidate Hillary Rodham Clinton on Monday unveiled a health-care plan built around universal coverage. The price tag: about $110 billion a year. Other Democratic candidates also have their own health-care proposals. Greenspan ran the Fed for 18 years, under four presidents, until early 2006. President Bush was surprised by the criticism leveled against him and his administration by Greenspan in his book, the White House said Monday. Greenspan accused Bush of not responsibly handling the nation’s spending and racking up big budget deficits, saying he and Congress’ former GOP leaders abandoned the party’s conservative principles favoring small government. “My biggest frustration remained the president’s unwillingness to wield his veto against out-of-control spending,” Green- span wrote in his book. White House press secretary Dana Perino defended Bush’s fiscal policies and said that veto threats from the president were enough to keep spending from spiraling too high. Under Bush, government spending for the fight against terrorism in- creased, and Perino said the Bush administration doesn’t apologize for acting on behalf of “the safety and security of the American people.” Large projected surpluses were the basis for Bush’s $1.35trillion, 10-year tax cut approved in the summer of 2001. Those surpluses never materialized and have since turned into deficits, so Greenspan wrote that the tax-cut goal was “no longer entirely appropriate.” Perino brought this up as one of the more perplexing parts of the book for the White House. “The president was a bit surprised by some of the criticism in the book,” she said. “Remember in late 2000, we were headed into a recession and tax cuts were the prescribed remedy. And that has borne out to be one of the best decisions we made in order to keep the economy growing like it is.” Greenspan gave a major boost to Bush’s tax-cut plan in testimony before Congress in 2001, arguing then that a tax cut could help the economy deal with sagging growth. A recession that began in March 2001 ended that November.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! In an interview with The Associated Press on Monday, the former Federal Reserve chairman put the odds of a recession at greater than one in three. “But best I can judge it is less than 50 percent,” he said. Greenspan’s one-in-three prediction earlier this year rocked Wall Street, which has been suffering through a period of turbulence. A deepening housing slump and a spreading credit crunch have raised fears on Wall Street, on Capitol Hill and on Main Street about the country’s economic health. Many analysts count on the Federal Reserve to lower interest rates on Tuesday to provide some relief. On other issues, Greenspan said the United States must look at ways to reduce gasoline use both as a matter of national security and to protect the environment. Greenspan said he favors a tax on gasoline to help curb demand. But recognizing that this could be an “undue burden” on poor people, he suggested a rebate of some sort. There is a national gas tax of 18.4 cents a gallon. ECONOMY: Greenspan says the likelihood of a recession has grown. By Jeannine Aversa THE ASSOCIATED PRESS Alan Greenspan said the odds of a recession have grown since earlier this year, although “the economy is not doing badly at this stage.” last_img read more

QPR still looking at trialist Campbell-Young

first_imgQPR have extended youngster Channing Campbell-Young’s trial.Campbell-Young, who turns 20 this Saturday, featured for Rangers’ development side in a recent match against Crystal Palace and was also selected for a game this evening against his former club Bolton.He was on Tottenham’s books before being signed by Wanderers, who released him this summer.He can play in a number of positions but is primarily a defensive midfielder.QPR’s line-up for the Under-23 game at the Macron Stadium also included Swiss goalkeeper Seny Dieng, who was recently signed by the club.See also:QPR sign keeper after youngster is sidelined for six monthsQPR look at two trialistsQPR quiz – can you get five out of five?QPR striker Polter a doubt for Newcastle gameTrialist features again in QPR U23 gamePolter and Luongo doubtful, but QPR trio availableFollow West London Sport on TwitterFind us on Facebooklast_img read more

Pune man punished with 50 squats for ‘objectionable’ remark against Raj Thackeray

first_imgA video clip, showing Maharashtra Navnirman Sena (MNS) workers allegedly punishing a man with 50 squats in Pune for allegedly criticising party chief Raj Thackeray on social media, has gone viral.In the clip, the man identifies himself as Rohit Burade, and is surrounded by MNS workers led by the student wing leaders Ashish Sable-Patil and Rahul Gawali. He is made to acknowledge his “error” in posting an “objectionable” comment against Mr. Thackeray on the MNS leader’s Facebook page.The MNS workers are heard saying that Mr. Burade was let off easily as he was a Maharashtrian hailing from a poor family. “His father passed away… Hence, we are not beating him up,” one of them is heard remarking.The party workers are then heard reprimanding Mr. Burade, making him say, ““Raaj saheb, I have made a mistake and this will not happen again,” even as the victim is seen gasping for breath. They then issue a warning that anyone insulting Mr. Thackeray would suffer a similar fate. No case has been lodged against the MNS workers.last_img read more