Prof Michael Hudson discusses Greenspan’s reputation in his formative days on Wall St.
This is the transcript of an interview with Michael Hudson, discussing a 1966 incident:
MH: They increased [relative taxes on labor] largely by having Alan Greenspan create the Greenspan Commission to look at social security and pushing the myth that social security had to be funded out of pre savings, so American labour was essentially taxed 11% between itself and the employers to pay social security and this vast increase in social security taxes was used to lend to the Government(US) to provide it with enough money to slash taxes on the rich and that was Greenspan’s ploy.
He was rewarded by being made head of the Federal Reserve for his actual hatred of labour and his desire that you had to reduce living standards in order to increase the profits of capital.
And so Greenspan was sort of the hack that was hired.