mr. greenspan has a new book out. it getting a lot of attention, including some sharp criticism from some. don't forget, free market capitalism is the best road to prosperity. here's more obama care come being relief. -- comic relief. at a ford dealer with a little q and a for fiona. tell me fiona, who's having a big tire event? your ford dealer. who has 11 major brands to choose from? your ford dealer. who's offering a rebate? your ford dealer. who has the low price tire guarantee, affording peace of mind to anyone who might be in the market for a new set of tires? your ford dealer. i'm beginning to sense a pattern. get up to $140 in mail-in rebates when you buy four select tires with the ford service credit card. where'd you get that sweater vest? your ford dealer. >>> welcome back to "the kudlow report." i'm jacky deangelis with a market flash. apple reporting strong numbers, profit of $8.26 a share on revenue of 36.5 billion dollars. it was concern about gross margin guidance for the current quarter that initially

mr. greenspan was the most powerful figure in u.s. economic policy when he ran the country's central bank between 1987 and 2006. now, he retired in january 2006 after the second longest tenure in that position. after leaving the fed, he formed an economic consulting firm and now works as a private advisor. the bbc's evan davis began by asking dr. greenspan what he made of recent events in washington. >> i actually agree with a goodly part of what american people in wholly disagreeing with their tactics, largely because that in a democratic society, you have to have certain financed mental things in common or you cannot obviously live together. in the united states, it's largely an agreement on our bill of rights very particularly freedom of speech, freedom of press, everyone agrees with that. and there is no dispute, and indeed, arguments with respect to that issue are principles which cannot be an brow gaited. but everything beyond that has to be compromised and negotiated. compromise is not a pejorative term. in fact, it's implicit

mr. greenspan was appointed by president reagan he had already chaired for three years. en bernanke. before he got the federal reserve. he held that same job alan greenspan had, but only about six months. he had also been on the board of the federal reserve. this is paul volcker who proceeded both of them. before he got nominated from that job, he had also run the new york fed and worked at the treasury department. that's the history of the last three guys. first guy worked at the new york fed. second guy chaired the president's economic advisers, the third shared the president's economic advisers and was on the board of the fed. that's the experience of the three guys who have done this before. now, here is the person who president obama has just nominated to do it next. and she's not a guy. janet yellin, who would be the first woman to chair the federal reserve ever. on paper at least, she is more qualified for the job than anyone in modern history. volcker ran the new york fed for four years. she ran the san francisco fed for six years. greenspan and bernanke ran the t

mr. greenspan said down with billions of prize-winning author daniel juergen in 2007 to assess that this is the simi during the later years of his tenure. >> this book is actually in gendering a good deal of controversy and argument. at the upright at the beginning we would take them and on. number one, this question of were you a critic of spending and tax cuts or did your views changed? and i think he's day it has been striking to see how this has changed. yesterday president bush said he respectfully disagrees with you. today vice president cheney and op-ed piece in the "wall street journal" said, your assessment is off the mark, which i think was a way of saying you're wrong. [laughter] >> you suggested some doubt in that remark. you are actually asking two questions. and it is, did i change my mind? a lot of people i said i had have you with respect to the tax cut at the time it was initiated and only in retrospect to have revise history, which is one issue. the second is actually the question as to my views with respect to what is essentially my judgment of very sad case of the pro

mr. volcker's decision with great reluctance and regret. it's my intention to nominate dr. alan greenspana four-year term as chairman of the federal reserve. schoumacher: on his first day in office, chairman greenspan revealed his wish list -- a dollar which is always stable, interest rates which stay low, and employment which stays high. schoumacher: his first action as chairman of the board of governors was to reaffirm volcker's tight money policy, a long-range policy that most economists believed was crucial to maintaining orderly economic growth. but if there was one sector of the economy that was far from orderly in 1987, it was the stock market. 40. asia, 784. schoumacher: greenspan feared a collapse. but what could the fed do? securities analyst roger kubarych. when chairman greenspan came in office in august, one of the first things he did was to launch a series of studies -- call them war games if you like -- that did include both the board staff in washington, members of the board, and the new york fed, on a number of possible scenarios for market disruption, financial market di