The Man Who Knew: The Life and Times of Alan Greenspan — Eight: “A MINORITY OF ONE”

1. 1. Alan Greenspan was nominated by President Nixon to chair the Council of Economic Advisers in August 1974.
2. 2. Greenspan's libertarian views, including opposition to antitrust laws and progressive taxation, were scrutinized during his confirmation hearing.
3. 3. Despite his libertarian principles, Greenspan agreed to serve in the Nixon administration after being urged by Arthur Burns and others.
4. 4. Greenspan was confirmed as CEA chairman despite opposition from Senator Proxmire, who voted against him due to his fringe libertarianism.
5. 5. President Ford declared 'Wage and price controls are out, period' at his first press conference, influenced by Greenspan.
6. 6. The WIN (Whip Inflation Now) campaign, launched by Ford in October 1974, was widely seen as ineffective and was later acknowledged as a failure by Greenspan.
7. 7. Greenspan developed a weekly GNP estimate to provide real-time economic data, helping to inform the debate over a tax cut in early 1975.
8. 8. Greenspan supported a $16 billion tax rebate in 1975, contradicting his earlier advocacy for budget discipline.
9. 9. Greenspan's relationship with Kaye Pullen, a White House speechwriter, began in early 1975.
10. 10. By mid-1975, Greenspan had become a loyal team player in the Ford administration, often prioritizing political pragmatism over his libertarian ideology.