-Caveat Lector-
-- Since markets hand on his every word, I can understand why the
Chairman Greenspan is not anxious to give a lot of interviews,
but I cannot understand why this Business Week lady on the Fed
beat refused to answer simple questions from O'Reilly about the
interview matter no fewer than five times when I watched it,
dumbfounded, the other night ...
-- Ignoring the more technical issues of O'Reilly's concern about
Greenspan's actions and who actually pays Greenspan for now, can
anyone offer an explanation as to what was causing Cohn to avoid
these simple questions (especially given the fact that she showed
up for the O'Reilly interview)?
- - -
THE O'REILLY FACTOR (20:18 ET)
January 5, 2001, Friday
Impact: What Exactly Is the Federal Reserve?
GUESTS: Laura Cohn
BYLINE: Bill O'Reilly
In the "Impact" segment tonight, right about now, you should be
getting your December financial statements which -- not going to
be good. And the carnage continues. Despite the Fed interest-rate
cut this week, the Dow is down more than 250 points in Friday's
session.
As you may know, Alan Greenspan refused to cut interest rates
last month when he should have, but Mr. Greenspan did accept a
nice pay raise from $141,000 up to $157,000 paid for by the
taxpayers.
Joining us now to shed some light on the murky mysterious world
of the Federal Reserve Board, people who can hurt all of us very
badly, is Laura Cohn, who covers the Fed for "Business Week"
magazine.
All right. Now, look, I've -- I've been looking at this and --
please explain this to me. Alan Greenspan works for whom? Who
pays Alan Greenspan?
LAURA COHN, FED CORRESPONDENT, "BUSINESS WEEK": Well, his -- he's
paid by the federal government. His salary comes out of a budget
from the Federal Reserve. I think...
O'REILLY: Do you know -- do you know what -- the Treasury
Department pays him or -- who pays him?
COHN: The federal government pays him.
O'REILLY: I mean, it's got to be some department, though. It's
the - - got to be under some budget.
COHN: The Federal Reserve. The Federal Reserve does have its own
budget.
O'REILLY: All right. So the Federal Reserve gets money from the
U.S. federal government to pay their employees, right?
COHN: That's right.
O'REILLY: OK.
COHN: That's right.
O'REILLY: All right. Now that means that Greenspan works for you
and me and all the folks, right?
COHN: That's correct.
O'REILLY: OK. Now how come he doesn't answer any questions about
what he does then if he works for us?
COHN: Well, he actually does answer questions. By law, he is
required to go up to Capitol Hill twice a year...
O'REILLY: But that's to Capitol Hill. You're a reporter for
"Business Week" magazine.
COHN: Right.
O'REILLY: Have you ever interviewed Alan Greenspan?
COHN: Well, this is -- this is something...
O'REILLY: Have you -- Ms. Cohn, have you ever interviewed him?
COHN: Well, he talks in public, and he gives speeches.
O'REILLY: No, but have you ever interviewed him?
COHN: Well, he -- well, he feels that he communicates with the
public...
O'REILLY: All right. I'll take that as a no.
COHN: ... in his speeches.
O'REILLY: I'll take that as a no, that you haven't ever
interviewed him. I'm sure you would love to interview him, would
you not?
COHN: Well, that's the kind of question I can't really answer.
O'REILLY: You wouldn't like to...
COHN: I mean, he communicates...
O'REILLY: ... interview him?
COHN: He communicates through talking to the public. He testifies
on Capitol Hill. He gives a lot of speeches. He feels that he
communicates. He -- actually, under his reign, the Fed has become
more open than under former...
O'REILLY: Is that right?
COHN: ... Fed chairs.
O'REILLY: See, I'd like to talk to Alan Greenspan about why he
hosed the whole country and didn't drop interest rates last month
when he should have, but he won't talk to me. He won't talk to
you. He won't talk to "The Wall Street Journal" or "The New York
Times." Yet we're paying for his -- his salary. Does that seem
right to you?
COHN: Well, he actually didn't ask for the pay raise. It was
something that was brought about by Congress.
O'REILLY: Does it seem right to you that this guy operates in
such a shadowy world, a mysterious world, a world that I don't
know much about and the folks don't know much about? Does that
seem right to you?
COHN: Well, the truth is, if you look at history, he's actually
had a better track record than some of his predecessors of giving
speeches, of trying to be open, of testifying before Congress.
O'REILLY: Do you really believe he's trying to be open? Why
doesn't he talk to you? You're a good reporter, and you're right
down there in Washington for "Business Week" magazine.
COHN: I'm not going to answer that question. I mean...
O'REILLY: Why not? I mean, if I'm a reporter...
COHN: Because...
O'REILLY: ... I want to talk to the big guy on the block, and...
COHN: Right.
O'REILLY: ... you want to talk to him, I'm sure, but he won't
talk to you. I think that's an outrage. Why aren't you as angry
as I am?
COHN: Because -- I'm not going to answer that question. I mean,
if you want to talk about his being open -- if you look at
history, he actually has a better record of being op -- of
openness of the Federal Reserve. He is the one who started having
these public announcements every time the Fed makes decisions. I
mean, before that, traders on Wall Street had to guess what the
Fed policy was.
O'REILLY: Well, look, all I'm saying to you, Ms. Cohn, is that
this guy on Wednesday out of the blue cuts interest rates by a
half point. We don't know why, when. Everybody's looking around.
The stock market goes crazy. Last month, when he should have cut,
in my opinion -- and other jour -- economists believed that as
well -- he didn't. We don't know why. There's no explanation.
He's fighting some inflation that's not there, and he's the most
powerful man in the world. He is the most powerful in the world,
is he not?
COHN: Yes, he is. And, actually, when he moved on Wednesday, they
did release a statement explaining their actions.
O'REILLY: Oh, they released a statement? Isn't that swell? I want
him to answer questions, Ms. Cohn, and I don't know why you at
"Business power, and nobody's holding him accountable.
COHN: Well, that's not true. He is accountable to Congress. Like
I said, he does testify to Congress. And when he gives speeches
in public, he takes questions on occasion. So there are times
when he does answer questions.
O'REILLY: All right, Ms. Cohn. I'm not bullish on Mr. Greenspan,
and I -- and I wish that "Business"...
COHN: I can tell. I can tell.
O'REILLY: ... and I wish "Business Week" and the financial press
would be as teed off as I am because people are getting hurt. We
appreciate your time very much.
COHN: Thank you.
=================================================================
Kadosh, Kadosh, Kadosh, YHVH, TZEVAOT
FROM THE DESK OF:
*Michael Spitzer* <[EMAIL PROTECTED]>
~~~~~~~~~~~~~~~
The Best Way To Destroy Enemies Is To Change Them To Friends
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