Alan Greenspan: A 'Mainstream Gop Economist'

By Marino, Vivian | THE JOURNAL RECORD, June 3, 1987 | Go to article overview

Alan Greenspan: A 'Mainstream Gop Economist'


Marino, Vivian, THE JOURNAL RECORD


NEW YORK - Alan Greenspan, chosen Tuesday to replace Federal Reserve Chairman Paul A. Volcker, has gained a reputation over the years as a "mainstream Republican economist" who strongly advocates minimal government intervention in the economy.

"Greenspan is free market oriented. Specifically, he favors financial deregulation," said fellow economist Henry Kaufman, a managing director of the investment firm Salomon Brothers Inc.

Some economists who knew Greenspan, a former chairman of the Council of Economic Advisers under President Gerald Ford, hailed his appointment and predicted few major changes after the 61-year-old economist moves to the helm of the central bank in August.

Volcker, who is leaving the Fed on Aug. 6 after eight years as chairman, expressed "happiness and delight" with the selection of Greenspan as his successor.

"Basically, he (Greenspan) will take the same type of policy," predicted Akira Tokutomi, executive vice president of Nikko Securities Co. International. "It (the change) should be no problem."

Donald P. Jacobs, dean of Northwestern University's Kellogg Graduate School of Management and a friend of Greenspan, said both Greenspan and Volcker "have reputations as inflation fighters and advocates of the free-enterprise system," although Volcker does not support deregulation of the financial system.

"They both have the same basic characteristic - and that is an open mind," Jacobs said.

Greenspan also has spoken out against U.S. trade protectionsism and portions of the income tax overhaul, which he predicted could depress the economy. Like Volcker, he has pushed for strong measures to reduce the federal government's deficit.

"He is a mainstream Republican economist," said Donald Straszheim, chief economist of Merril Lynch Capital Markets. "Greenspan has a substantial reputation."

Colleagues describe Greenspan as personable, hard-working and dedicated, with one economist calling him "sort of a data junkie" who "lives and breathes his profession."

Greenspan, who heads the private consulting firm Townsend-Greenspan & Co. …

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