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Another Side of Alan Greenspan

Posted: Monday, September 17, 2007 9:00 AM by Dan Fleschner
Filed Under:

This morning, former Fed chairman Alan Greenspan came on the show to talk about his new book, The Age of Turbulence, which has made headlines for his criticism of the Bush administration. CNBC's Maria Bartiromo profiled Dr. Greenspan (WATCH VIDEO) followed by the live interview with Matt (WATCH VIDEO).


Dr. Greenspan with his wife, Andrea Mitchell of NBC News.

Among the subjects Matt broached with him -- whether we're heading for a recession and the role of oil in the Bush administration's drive to war in Iraq.

But Matt couldn't cover everything with Dr. Greenspan, so I asked him a few more questions via email. I wanted to give people some insight into "another side of Alan Greenspan." So here are his responses to my questions:

Q: Something people might not know about you: You were a clarinet and saxophone player, you attended the prestigious Juilliard School and played professionally in a touring jazz band. How did you get into music? Who were some of your musical idols growing up? And why did you get out of the music business?

Dr. Greenspan: I got into music because I used to listen to Benny Goodman and other dance bands on the radio. To a young kid living in New York City, Goodman was my idol. Joining a dance band was also a great way to go on the road and see the country. So I turned pro...but soon found out that I wasn't as good as some of the other players in my band. In fact, as a kid, I played with one of the greats, Stan Getz! So it was a good thing I got out of the music business and went back to school. I'm a better economist than I was a sax player.

Q: Do you still break out your clarinet or sax and play?

AG: Now, I only play very occasionally, and in fact, more piano than clarinet or sax.

Q: When people think of you, they think of markets, stocks and interest rates. So what do you do in your spare time that is NOT related to finance?

AG: I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.

Q: Matt asked you about this quote from the book: "To this day, the bathtub is where I get many of my best ideas," and you said you decided to ask your wife to marry you while in the tub. What's on your mind these days when you're soaking?

AG: The tub helps me relax, and it's a great place to read. These days, even out of office, I still read economic reports. I love facts and figures. It's like following a detective story, piecing together what's going on in the economy.

Q: Do you have any special accoutrements when you take a bath? Bubble bath? Rose petals around the tub?

AG: <Laughing> I'm a plain soap kind of guy.

Q: You obviously had a very high profile job as chairman of the Fed, and your wife, Andrea Mitchell of NBC News, has one too. Since you've known Andrea, what have you found most interesting about her job?

AG: I'm always amazed that she can handle different subjects -- one day politics, the next day foreign policy. And she always has so much fun doing it. We make a good team.

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Comments

We as a country need about 100 more Greenspans in public life. He's probably so brave partly because he is so old, as compared to baby boomers, that is. I hope he doesn't duck from the flak he'll undoubtedly get from all sides for his comments. Keep it up!

Vikki Stevens (Sent Monday, September 17, 2007 10:28 AM)

Alan Greenspan seems like a cool person. I caught part of his interview with CNBC and he seems really honest. Too bad more politicians aren't as open as he is.

L. Atlay, Washington, DC (Sent Monday, September 17, 2007 10:30 AM)

He's has helped our way of life way more than most!!
I wished someone had asked him for an Ayn Rand Memory!

Master John, Columbus, Ohio (Sent Monday, September 17, 2007 10:41 AM)

Run away increases in the price of homes over Greenspans time in office has affected more Americans, since wages have not kept pace with home prices,consequently changing the prime did nothing but slam the economy into a brick wall at a high rate of speed.  Good time to bail out?  I think so.  And now we're talking bail outs for the top mortgage companies who have been fleecing the public just like the corporations who have been involved in the same over the past few years.  Where is the help for the average home owner who is going to find himself in bankruptcy over this, and the average wage earner who will be caught in the cross fire as the economy declines?  There are alot of smarter people in the average coffee shop than in the Fed.

David Meseck (Sent Monday, September 17, 2007 11:19 AM)

I agree with blogger, David Meseck.  We (the average American) are struggling to keep a roof over our heads and pay our bills and still be able to buy food.  The American government is spending billions on other countries to improve their living condition.  Look out your back door and see that there is a great need for help on the homefront.  There is a tremendous inequity in the financial advantages available to ALL Americans.

Joanne Wilkinson (Sent Monday, September 17, 2007 11:48 AM)

Back in the day (10 yrs ago), when I was in the mortgage industry, we set up a shrine in the office with a picture of Greenspan and a bunch of candles around it. LOL! We all respected and admired him.  What a classy guy - I can't wait to read his book If I could, I'd send him scented candles to light for his evening baths! :P

Alex G (Sent Monday, September 17, 2007 12:44 PM)

It's all lies. It's always about oil. There are so many nations need to be helped but why Iraq but not others. There's got to be some implicit reasons - Oil, region stability, democracy spread point. Too many good reasons for the US to step in.

Avan Tan, Hacienda Hts, CA (Sent Monday, September 17, 2007 12:56 PM)

I disagree totally with responder Dave Meseck. Yes I feel bad for those folks that got in over their heads BUT it is their own fault- NOT the Fed. MAny of those peole should never have been given mortgages in the first place. what happened to fiscal responsibility? I have a tremendous respect & admiration of Greenspan. I admired the way he conducted himself & the Fed. They only one who was better was Paul Volcker. I do NOT think he "caused" the housing crises. I only hope the Fed does NOT try to bail out the mortgage companies or these homeowners. I believe in lasiez- faire economics. As for the homeoners that got themselves into this mess- it is YOUR responsibility to bail yourselves out - the government should not step in to help you OR the mortgage companies that made this mess. Anyway who has been reading, could tell this mortgage crises was going to intensify well over a year ago. Why didn't you refinance than?

Diane Rudnick NY,NY (Sent Monday, September 17, 2007 1:12 PM)

As a mortgage broker i do not blame anyone including Mr. Greenspan for the housing bubble.  First no one made us take out money from our housess at the rate we were taking money out.  Yes Mr. Greenspan made it easier with the low rates but it was the Mortgage Banks that helped by dropping the requirements of getting loans to if you had a heart beat and a social number you had a loan! I agree with the way Mr. Bush did more harm than good going to war with Iraq and the tax cuts that are still in the books that made our deficit alot bigger.  Anyhow don't blame no one but yourself.  Be Adults about it and stop pointing fingers!

Big D Chino CA (Sent Monday, September 17, 2007 1:27 PM)

I have suspected for a while that Matt had gone over to the "dark side".  I suspect that Alan's support of the Bush tax cuts was personal (he makes a lot of money). I'm glad the price of homes are taking a dive, the average American have to go into hoc to afford them.  Thankyou Alan for your service to America, but why couldn't you tell us what and how YOU invest??

More transparency please (Sent Monday, September 17, 2007 1:28 PM)

I HAVE BELIEVED FOR SOME TIME THAT OVER THE NEXT FIFTY YEARS BOOKS WILL BE WRITTEN ABOUT THIS ERA; COMPARING IT TO THE ROBBER BARON DAYS OF THE 1800'S
AND SUBSEQUENT ABUSES THAT LED TO THE CLAYTON ACT/SHERMAN ANTI-TRUST ACT. GREENSPAN'S BOOK IS HOPEFUULY THE FIRST OF MANY TO COME THAT EXPOSES WHAT IS HAPPENING. I THOUGHT IT VERY INTERESTING THAT HE RESPONDED TO A QUESTION ABOUT MORE FED INVOLVEMET TO ADDRESS THE MORTGAGE PROBLEMS; AND HE RESPONDED WITH, " FRAUD IS A MATTER FOR THE ATTORNEYS-GENERAL OF THE STATES, NOT THE FED, PUTTING 10 OF THESE GUYS IN JAIL WILL DO MORE THAN YOU CAN IMAGINE." I THINK A LOT OF AVERAGE AMERICANS WHOLEHEARTEDLY AGREE.

TED BROADDUS, CLUTE, TX (Sent Monday, September 17, 2007 1:56 PM)

This is disgusting.  I already knew about Alan being a musician, and was more than a little surprised to read this morning that he was in favor of this barbaric atrocity of a war based on economic reasoning.  Where did the first article go?  Why was it replaced with this pap?  You stink.  CJO

Chris O'Neill, Newmarket, NH (Sent Monday, September 17, 2007 2:37 PM)

Dear Matt, I enjoyed your interview with Alan Greeenspan this morning on Today. In reading this posting I did not know he was a musician. Certainly a very impressive and powerful couple. Andrea Mitchell does do some fine reporting for NBC News. On a humorous note it is nice to know Mr.Greenspan enjoys relaxing in the tub. One can get ones best ideas without alot of distractions.  

Lisa McNeil,Alpharetta,Georgia (Sent Monday, September 17, 2007 5:32 PM)

No bail outs please .This is how the US system works.     .... remember Japan

maureen C (Sent Monday, September 17, 2007 5:35 PM)

I'm sure that Greenspan is a great person and I am thrilled that with hindsight he now sees things more clearly.  Still, in the one moment he could have really made a difference, instead of protesting against the fact that Bush's massive tax cut to the most wealthy was bogus economics, Greenspan provided the administration with priceless political support that allowed them to get away with it all.  For me, his repentance is too little, too late.  He joins the Colin Powell Club of people who should have known better, and, worse, probably did know better. Hey, remember those massive budget surpluses?  Every one was debating if we could pay down the national too quickly.  I guess we will never know.  So much for Republican fiscal conservancy.

John Sanders, Lisbon, Portugal (Sent Monday, September 17, 2007 5:44 PM)

I heard on the radio that Greenspan supposedly was asked about who he hopes to be elected in order for the economy to continue to grow or stabilize,and he said something like "hopefully a Republican". But I see nothing about that here,or just now on NBC news?
Seems funny. Maybe he never said it? Couldn't be a bias thing if he did say it. I do know that.

Steve Preston,Parkersburg,WV. (Sent Monday, September 17, 2007 6:41 PM)

Good job Alan Greenspan in your facts and outspokenness or frankness on the state of the economy.I won't be surprised when some of the dysfunctional or unreasoble members of our society can't see the facts until you nail them into their heads.They are so dense that they can't see good things except throw their fate on their political affiliations regardless of the stupidity of the current administration with ultra low IQ.
This Bush administration almost destroyed our democratic legacy in the first term via the Supreme Court. Secondly, he launched the most idiotic wars and kept saying we could do it on our own until all the good nations refused to accept him as a leader of the free world. They call him names but smile when he forces himself to see them on diplomatic visits.
America's respect will hopefully be restored during the next administration.

lafedur, Las Vegas, Nevada (Sent Monday, September 17, 2007 6:41 PM)

What I would like to know is: Why didn't Alan Greenspan warn us sooner about the dangers of foreign
debt, and speak out about the oil connection to
Iraq, while he was on the job? It is safe to speak out now. It probably would have been controversial,
and it would have taken corage, but it would have
helped our country a great deal and inspired other
people to speak out.

Olivia Herring (Sent Monday, September 17, 2007 6:50 PM)

Doesn't anybody read anything? We not only went into Iraq for the oil but to protect the dollar.  Saddam was planning to stop taking dollars and said so.  The same was true for Iran and (surprise?) Venezuela.   Neither they nor the Chinese want to paid with an ever-faling dollar. Does that explain Bush's saber rattling? No matter what they tell you, wars are always about land and resources.  I sincerely hope that in the near future a large number of p.ssed-off veterans and amputees run for Congress and stop the insane pursuits of our military/industrial complex.

Henriette Wymar, Arcadia, CA (Sent Monday, September 17, 2007 8:12 PM)

It is not Mr.Greenspans'fault. He handles the big picture.I have been in the mortgage business since 1987.Simply...it is the greedy guys who created the sub-prime programs.
When I got into the business it was "1.income, 2.cash/assets/ 3. credit. On 5% down fannies....there were no underwriting exceptions. Full verification only.
Recently....1.NO income verification 2. NO downpayment 3. NO good credit...520 credit scores.
All three above catagories on the same buyer got you into a home. NO CASH, INCOME, or CREDIT !!!!
Disaster waiting to happen. It wasn't Mr.Greenspan or his low interest rates. It was the greedy guys who created those insane hedge funds.

Allen Smith, Baltimore, md. (Sent Monday, September 17, 2007 8:36 PM)

I have held this man in very high esteem. But anyone who would try to said that his words “I’m saddened that it is politically inconvenient to acknowledge what everyone knows: The Iraq war is largely about oil.” WEREN'T about political motive gives 'back-pedaling' entirely new meaning. I wonder what the White House threatened him with if he didn't recant.

John Fortunato, El Paso, Texas (Sent Monday, September 17, 2007 8:44 PM)

whhat happened to the years when every one was working had a job and the us was booming,funny how is seems when our goverment changes so does the hard working people that work and pay taxes,we sure dont get a silver platter

rick (Sent Monday, September 17, 2007 9:02 PM)

I think Mr. Greenspan is an intelligent man who, at the end of his career, found himself working for an idiot---George Bush. Not much you can do for an idiot....and that makes it time to go..........

Jeff San Antonio, Tx (Sent Tuesday, September 18, 2007 5:33 AM)

Saw the 60 min interview.  It was MUCH better.  Greenspan was charming and has a positive outlook but spoke pessimistically of the long-term economics.  Housing will improve but the long-term enemy will be inflation.  He did indeed say, "he hoped a Republican" when asked about who he preferred in the Presidential race, but that is no shocker.  Fiscal conservatives tend to cooperate with the gentle hand on the tiller that is the FED.  Why wouldn't he support that?

Roger, Marietta, GA (Sent Tuesday, September 18, 2007 6:45 AM)

 I applaud Alan Greenspans overview of the Bushes administrations policies on the Iraq war , but why
are we hearing it now,why???Our country needs politicians and leaders who have enough courage to speak out on such vital issues!! Why do decisions always have to be based on money,popularity,or polls?
Why not what is morrally pure and good for all? John
F. Kennedy said it all when he said"Ask not what your country can do for you,but what you can do for your country".Politicians would do well to spend less time in bathrooms,more time in prayer!!!!

Jerry Morgan ,Sr./Maryville,Tennessee (Sent Tuesday, September 18, 2007 7:09 AM)

hen allen greenspan was at the top of his game and this countrys average citizens were making lots of money, everyone danced around the fire of good fortune, now, the partys over and some dicided to stay
in for the long haul and got burned. maybe he should just say rational exuberance.  just one more time, but that would be a lie, why would he do that, i think he is an honourable man, with responsibilities aand a consiousness that wouldnt allow such speculations.

michael small, tewksbury, ma. (Sent Tuesday, September 18, 2007 8:55 AM)

Greenspan is a talking head, a puppet. He helped create this mess all during the 90's to make himself and the clinton administration look good. Remember the Nasdaq market collapse? People lost billions and yes Clinton was still president. No bailout for those people. Payday for all the loose money policy is here.

Jack (Sent Tuesday, September 18, 2007 9:40 AM)

Mr.Greenspan, if not before going to war, now suggests something; "OIL" "OIL" "OIL", we need it, our friends need it and whole world needs it.One can
discuss about going to war to Iraq forever, but now
when you (we) are there, after paying heavy price;stay
there till "OIL" sells cheap and all Iraqis get more
petro dollrs AND The WORLD starts praising USA again?
  Otherwise, give that dirty part to Britishers; who
are expert by experience, and pretend that we are not
hypocrates and let people like Greenspan speak their
mind and now, NOW DO THE RIGHT THING!!!!

Kanubhai Jadav, Houston, Texas (Sent Tuesday, September 18, 2007 10:00 AM)

It's nice to hear Greenspan praise Bill Clinton and criticize W, but where were these comments when they might have made a difference? No guts, no glory IMO.

Pete Sessions, Burlington, Mass (Sent Tuesday, September 18, 2007 10:05 AM)

$3.00 gas,$4.00 milk,$8.00 wheat, $2.50 bread, anything made with copper, or steel, up 30% in 18 mounths. If we're not in a recession what's it called.  

Gary Gardner, Mustang Oklahoma (Sent Tuesday, September 18, 2007 10:06 AM)

Mr. Greenspan, I like the sound of a tenor sax and love Glenn Miller's music, "In the Mood" and "Moonlight Sonata" I'd like to play in an ensemble in a few years. Just Miller's music. Clarinet for the latter song.  You must have been good.

I studied Economics in college, and still read about money. Best wishes, always Jackilyn Pyzocha

Jackilyn Pyzocha, Palmer, MA (Sent Saturday, December 01, 2007 10:10 PM)



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