My mother didn't cook and she was uninterested in cooking. On April 19, 2012, Greenspan received the Eugene J. Keogh Award for Distinguished Public Service from NYU.[135]. We don't know where or when or for how long, but I've been working on new cookies. And that means that I don't want to be in the kitchen doing last-minute fussy things with food. [107], In the documentary film Inside Job, Greenspan is cited as one of the persons responsible for the financial crisis of 20072008. BAKING WITH DORIE, SWEET, SALTY & SIMPLE. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. If you'd like to receive my newsletter, xoxoDorie, please sign up below. [124] Greenspan at the time was 58 and Mitchell was 38. Facebook Twitter Pinterest Email. Greenspan is, after all, an ideological conservative, an early acolyte of the social Darwinist novelist Ayn Rand and Ronald Reagan's choice for Fed chair. Can you explain what you mean? Democratic president Bill Clinton reappointed Greenspan, and consulted him on economic matters. Almond Flounder. His influence on global finance was considered so extensive that in September 1999 The Sunday Times of London named him one of the three most powerful people in the British Isles. I also think it's very different to be living in Paris, to have French friends, to be able to invite them to my home for dinner, to go to their homes for dinner. The situation screamed for government oversight of lending institutions, lest the banks lend to unfit borrowers. That's very, very exciting. Dorie Greenspan: I've been in love with France for decades. [70] Greenspan and Rand remained friends until her death in 1982. Whisk the flour, baking powder, and salt together; set aside. In the book, Greenspan criticizes President George W. Bush, Vice President Dick Cheney, and the Republican-controlled Congress for abandoning the Republican Party's principles on spending and deficits. Why the Housing Bubble Crashed the Financial System but the Dot-com Bubble Did Not", United States home front during World War II, Federal Reserve v. Investment Co. Institute, 2009 Supervisory Capital Assessment Program, Term Asset-Backed Securities Loan Facility, PublicPrivate Investment Program for Legacy Assets, Chairs of the Council of Economic Advisers, Trial of Kenneth Lay and Jeffrey Skilling, https://en.wikipedia.org/w/index.php?title=Alan_Greenspan&oldid=1142794594, American people of Hungarian-Jewish descent, American people of Romanian-Jewish descent, Chairs of the United States Council of Economic Advisers, Columbia Graduate School of Arts and Sciences alumni, Fellows of the American Statistical Association, George H. W. 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[7] Then-Democratic House Minority Leader Nancy Pelosi added that there were serious questions about the Fed's independence as a result of Greenspan's public statements. With the publication of Baking with Dorie, New York Times bestselling author Dorie Greenspan marks her thirtieth anniversary as a cookbook author. [79], After the September 11, 2001 attacks, the Federal Open Market Committee voted to reduce the federal funds rate from 3.5% to 3.0%. dorie greenspan cookbooks erin mcdowell dorie greenspan cookies . [86] A triggering factor in the 2007 subprime mortgage financial crisis is believed to be the many subprime ARMs that reset at much higher interest rates than what the borrower paid during the first few years of the mortgage. [40] His critics, led by Steve Forbes, attributed the rapid rise in commodity prices and gold to Greenspan's loose monetary policy, which Forbes believed had caused excessive asset inflation and a weak dollar. Julia s praise was echoed by the New York Times and the Los Angeles Times, which referred to Dorie s wonderfully encouraging voice and the sense of a real person who is there to help should you stumble. Corrections? Please refer to the appropriate style manual or other sources if you have any questions. She has won five James Beard Awards for her cookbooks and journalism, and was inducted into the Who's Who of Food and Beverage in America. Savory Galette Dough. I love that in the supermarket you can get all-butter puff pastry, all-butter tart dough, all-butter pte brise. It was really a different time. Chairman of the U.S. Federal Reserve from 1987 to 2006 (born 1926), Political views and alleged politicization of office, (Remarks to the Federal Reserve Bank of Chicago's Forty-first Annual Conference on Bank Structure via satellite), (Report on meeting of Committee on Oversight and Government Reform), Regional Comprehensive Economic Partnership, New York University's Stern School of Business, tariffs against the People's Republic of China, The Age of Turbulence: Adventures in a New World, Commodity Futures Modernization Act of 2000, President Clinton's deficit reduction plan, Department of Defense Medal for Distinguished Public Service, Knight Commander of the Order of the British Empire, fellow of the American Statistical Association, The Map and the Territory: Risk, Human Nature, and the Future of Forecasting, The Map and the Territory 2.0: Risk, Human Nature, and the Future of Forecasting, List of United States political appointments across party lines, "Greenspan Was More a Rock Star than a Feared Fed Sage", "Greenspan says Federal Budget Deficits are 'Unsustainable, "Little Alarm Shown at Fed At Dawn of Housing Bust", "Dr. Greenspan's Amazing Invisible Thesis", "Looking at Greenspan's Long-Lost Thesis", "Alan Greenspan, Chairman of the Board of Governors of Federal Reserve, Receives Dean's Medal at Wharton School MBA Commencement", "U.S. Senate Panel Votes for 4th Term for Fed Chairman Greenspan", "Historical Roster of Directors and Officers", A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response, "Larry Summers on Conversations with Bill Kristol", "Q&A: Greenspan on Bubbles, Saddam, Cheney and Bernanke", "Greenspan: Ouster Of Hussein Crucial For Oil Security", "Invasion of Iraq was driven by oil, says Greenspan", "Greenspan Says Invasion and War 'Largely about Oil', "The Simple Arithmetic of John McCain's Bogus Claims of Energy Independence", "Greenspan Warns Against Anti-China Protectionism", "Greenspan Says Tariffs on China Would Hurt U.S. Economy, Jobs", "Pimco Hires Greenspan as Consultant: Report", "Alan Greeenspan to consult for Deutsche Bank Corporate and Investment Bank", "Tangled Webs: Greenspan, Paulson, Goldman, the SEC and C&C Music Factory", "Greenspan: H-1B Cap Would Make U.S. Workers 'Privileged Elite, "Greenspan Criticizes Bush Policies in Memoir", "Greenspan takes center stage in 'Age of Turbulence', "Greenspan Book Criticizes Bush And Republicans", "Former Fed Chief Attacks Bush on Fiscal Role", "Greenspan Concedes to 'Flaw' in His Market Ideology", "Greenspan Says Didn't See Subprime Storm Brewing", "Economic Outlook Hearing before the Joint Economic Committee, Congress of the United States", House Prices and Monetary Policy: A Cross-Country Study, "Greenspan Says ARMs Might Be Better Deal", "His Legacy Tarnished, Greenspan Goes on Defensive", "Who is to Blame for the Mortgage Carnage and Coming Financial Disaster? When Asian countries underwent a financial crisis and an economic downturn beginning in 1997 (see Asian financial crisis), he lowered U.S. interest rates to cushion the economy. In a February 23, 2004, speech,[84] Greenspan suggested that more homeowners should consider taking out adjustable-rate mortgages (ARMs) where the interest rate adjusts itself to the current interest in the market. She was looking forward to saying, "Dr. In 2004, Greenspan received the Dwight D. Eisenhower Medal for Leadership and Service, from Eisenhower Fellowships. About Greenspan, it was titled The Man Who Knew. I got to talk to people all day long about cookies and what they mean to people and how much they love them. Greenspan wrote several other books, including Capitalism in America: A History (2018; written with Adrian Wooldridge). Although Greenspan was initially a logical positivist,[66] he was converted to Rand's philosophy of Objectivism by her associate Nathaniel Branden. In it he argued: "We will never be able to anticipate all discontinuities in financial markets." I make Gougres constantly. [97], Greenspan responded to his critics in a follow-up article in which he defended his ideology as applied to his conceptual and policy framework, which, among other things, prohibited him from exerting real pressure against the burgeoning housing bubble or, in his words, "leaning against the wind". The first time Greenspan attempted to cook, she burned down her parent's kitchen. I think I'm very, very lucky to have both in my life. In 1987, Ronald Reagan appointed Alan Greenspan to chair the Federal Reserve Board, America's central bank, where Greenspan remained for 19 years. "My overall view is that the inflation outlook is . 4 comments. Greenspan left Columbia in 1953 and formed Townsend-Greenspan & Co., Inc., an economic consulting firm in New York. [100], Greenspan was not alone in his opposition to derivatives regulation. Greenspan also played a key role in organizing the U.S. bailout of Mexico during the 19941995 Mexican peso crisis. Greenspan's criticisms of President Bush include his refusal to veto spending bills, sending the country into increasingly deep deficits, and for "putting political imperatives ahead of sound economic policies". In a 1999 government report that was a key driver in the passage of the Commodity Futures Modernization Act of 2000legislation that clarified that most over-the-counter derivatives were outside the regulatory authority of any government agencyGreenspan was joined by Treasury Secretary Lawrence Summers, Securities and Exchange Commission Chairman Arthur Levitt, and Commodity Futures Trading Commission Chairman William Ranier in concluding that "under many circumstances, the trading of financial derivatives by eligible swap participants should be excluded from the CEA" (Commodity Exchange Act). It's like brioche except it's soaked in butter and then sprinkled with sugar. I had cookies flying off their baking sheets because of the convection, and stuff that was supposed to take 18 minutes was burned in half that time. He concluded: "It is important, indeed crucial, that any reforms in, and adjustments to, the structure of markets and regulation not inhibit our most reliable and effective safeguards against cumulative economic failure: market flexibility and open competition." [citation needed], On June 2, 1987, President Ronald Reagan nominated Greenspan as a successor to Paul Volcker, as chairman of the Board of Governors of the Federal Reserve, and the Senate confirmed him on August 11, 1987. And, be sure to explore all of Greenspan's recipes on Epicurious, including her World Peace Cookies, Bubble-Top Brioches, Mushroom-Shallot Quiche, and Double-Chocolate Financier Cake. While every effort has been made to follow citation style rules, there may be some discrepancies. It was a completely different era than today. [18], In 1977, Greenspan obtained a Ph.D. in economics from New York University. Although the book mostly constituted a reassertion and recontextualization of Greenspans long-held principles, it notably allowed for the greater impact of John Maynard Keyness animal spiritsessentially human emotionon market behaviour. So I think I got my first stories almost by accident. Several notable contributors in defense of Greenspan included Stephen S. Roach, Allan Meltzer, and Robert Brusca. But, with her newly published, tenth cookbook, Around My French Table, Greenspan is showing off her savory side. Editors' pick Best Cookbooks, Food & Wine. That his successors claim to know via . In 2007, Paulson had foreseen the collapse of the sub-prime housing market and hired Goldman Sachs to package their sub-prime holdings into derivatives and sell them. a suspect goes to this if there is sufficient evidence, so the . The course highlighted the causes of prosperity and depression, the consequences of government intervention, and the fallacies of collectivist economics. It did not. I'm delighted to spend an entire day doing one dish, but that used to be the only way that I cooked. It's the food that I cook when I'm in France. Greenspan: I didn't cook as a child. [113], Others, like Republican Senator Mitch McConnell, disagreed that Greenspan was too deferential to Bush, stating that Greenspan "has been an independent player at the Fed for a long time under both parties and made an enormous positive contribution". Cowboy Caviar Salad. Now I know who's out there and what they're doing. Dorie Greenspan: I've been in love with France for decades. Former Federal Reserve Chairman Alan Greenspan said his biggest economic concerns in the U.S. are inflation and the budget deficit. None meaningfully worked. I love that. If it wasn't elaborate, if it wasn't complex, if it wasn't going to take me all day, it just didn't interest me. As chairman of the board, Greenspan did not give any broadcast interviews from 1987 through 2005.[49]. "[95], In congressional testimony on October 23, 2008, Greenspan finally conceded error on regulation. He asserts this would narrow the inequality between the minority of high-income earners and most workers whose wages have not grown in proportion with globalization and the nation's GDP growth. Greenspan retired as chairman of the Federal Reserve Board in January 2006. This article was most recently revised and updated by, https://www.britannica.com/biography/Alan-Greenspan, Alan Greenspan - Student Encyclopedia (Ages 11 and up), Emergency Economic Stabilization Act of 2008. After William Townsends death in 1958, Greenspan became president and chief owner. Ruth Wakefield's 1938 recipe for chocolate chip cookies, in the fourth edition of Toll House Tried and True Recipes, uses the exact ratio of butter, sugar, flour, and chocolate established by the . First nominated to the Federal Reserve by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring . Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated as of 1/1/21) and Privacy Policy and Cookie Statement (updated as of 1/1/21). koszyk Alan was 58 and Andrea was 38 when they tied the knot. Book by Sebastian Mallaby. next post. There's a different kind of satisfaction in cooking. With Pierre Herm, Dorie wrote Desserts by Pierre Herm, winner of an IACP Cookbook of the Year . Plus, she reveals plans for relaunching CookieBar, and shares recipes for Gougres, Marie-Hlne's Apple Cake, and Pumpkin Stuffed with Everything Good all from Around My French Table. He was far from sure that the increase in house prices posed a . [8][9] Yale economist Robert Shiller argues that "once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed". Immediately after leaving the Fed, Greenspan formed an economic consulting firm, Greenspan Associates LLC. Some economic commentators blamed this collapse on Greenspan's policies while at the Fed. DG: There are a lot of them. As chairman of the Council of Economic Advisers (197477) during Gerald Fords presidency, Greenspan promoted policies that caused the rate of inflation to drop from 11 to 6.5 percent. I think that being with my friends in France around the table has made me really appreciate even more how good conversation and friendship really form around food. His 32-year stint there was interrupted only from 1974 to 1977, when he served as chairman of the Council of Economic Advisers, under President Gerald Ford. In a recent interview at Wharton, former Federal Reserve Chairman Alan Greenspan discussed recession fears, China's growth and what the U.S. can learn from Sweden. I didn't know how to send out a proposal, so I just made the dishes that I would include, dropped them off at the office, and got an assignment. According to Nobel laureate Paul Krugman, however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. It's not a by-the-rules French book. [50] He also accepted an honorary (unpaid) position at HM Treasury in the United Kingdom. Dorie Greenspan is the kind of writer who can convince you that you're capable of tackling a fancy layer cake or complicated pastry project. I don't know how significant or permanent it is. And sometime this fall, we'll try to do another CookieBar. He stated that the errors that were made stemmed not from the principle, but from the application of competitive markets in "assuming what the nature of risks would be". She has won five James Beard Awards for her cookbooks and journalism and was inducted into the Who's Who of Food and Beverage in America. "I had written 'Everyday Dorie," she. International recognition of Greenspans achievements continued: in 2000 the French government awarded him the Legion of Honour, and in 2002 Queen Elizabeth II of the United Kingdom named him an honorary Knight of the British Empire. Economist, Alan Greenspan is in a married relationship with news journalist, Andrea Mitchell. It's really a relationship, and you have to trust that the person who's making your recipe will follow your instructions, but not to the T, if necessary. It sounds strange to say you go from cookie to confidence, but that's what I'm seeing and that's what I'm being told. by Dorie Greenspan | Oct 25, 2016. As I've said before, I've always supported moves to full funding in the context of a private account". His . [99], However, an October 15, 2008, article in The Washington Post analyzing the origins of the economic crisis claims that Greenspan vehemently opposed any regulation of derivatives, and actively sought to undermine the office of the Commodity Futures Trading Commission when the commission sought to initiate regulation of derivatives. "[104] Greenspan admitted fault[105] in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected. A pumpkin stuffed with bread, bacon, garlic and cheese can be a main course, according to cookbook author Dorie Greenspan. And I was a writer before, mostly for annual reports. [118], In an October 2011 lecture addressing the Occupy movement,[119] Noam Chomsky characterized portions of Greenspan's February 1997 testimony to the U.S. Senate as an example of the self-serving attitudes of the so-called 1%. So there's that kind of a relationship, where I'm saying to the reader, "I've done my part to make the best recipe I can; now you've got to follow the instructions and use your own judgment and know your own ingredients and your own oven.". They look like muffins (they are baked in a muffin tin), but are made like popovers (the butter is heated in the tin so the batter gets a quick boost as soon as it goes into the oven). [29] Investor, author and commentator Jim Rogers has said that Greenspan lobbied to get this chairmanship. And then I got another job. About cup coarsely chopped walnuts, toasted or not, or more chocolate chunks. [76] Greenspan also noted, however, "I really didn't get it until very late in 2005 and 2006. Do we wish to retest the evidence? DG: It's really that we are partners in this. [14] He played clarinet and saxophone along with Stan Getz. "In other words, you found that your view of the world, your ideology, was not right, it was not working," Waxman said. The incoming administration of President-elect Joe Biden has its work cut out for it, and getting the virus under control should be the number one priority, according to former Federal Reserve . And while you'll recognize classics like crme brle, pissaladire, and salade nioise, Greenspan also provides a snapshot of the contemporary French kitchen, which embraces international cuisine in the form of tzatziki and ceviche as well as convenience foods like frozen puff pastry and supermarket guacamole. And you can taste as you go. Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. I never got fast enough to be in the kitchen. You can have a moment of inspiration and make a midcourse change. We had hoped, from a business standpoint, that it would be some really good market research, but the only thing we discovered was that people like cookieswe didn't really discover which ones they liked most, because they just disappeared so quickly. Greenspan's baking books, including volumes written with Child and the French dessert kingpin Pierre Herm, have taught millions to turn butter, flour, and sugar into spectacular, smile-inducing treats. The Chicken in a Pot. Equipment "Baking With Dorie: Sweet, Salty & Simple" ($35; Mariner Books) includes about 150 recipes. Heaping cup chunks of dark or milk chocolate or large chips. 15 min. "[46], Greenspan opposed tariffs against the People's Republic of China for its refusal to let the yuan rise,[47] suggesting instead that any American workers displaced by Chinese trade could be compensated through unemployment insurance and retraining programs.[48]. We had my recipes, which we had been making over and over and testing down to the last little gram, and then we got into the kitchen and nothing that I had tested worked, because the ovens were so completely different. She said, "You love food, you know a lot about it, you cook, you bake, you've had this experience as a baker." Let us know if you have suggestions to improve this article (requires login). People have been loving Dorie Greenspan and her cookbooks since her first one, "Sweet Times," came out 30 years ago. [60] Greenspan writes, "They swapped principle for power. And when I told people that I was a food writer, they would say, "What's that?" She is among the first culinary professionals to produce cooking apps for mobile phones and tablet computers. RELATED. That's when I got the opportunity to shop at the markets, to have my own Madame Saucisson, and my own cheese guy, and to cook for friends in my own home. Greenspan always believed he could recharge the economy by cutting rates sharply. Former Federal Reserve Chairman Alan Greenspan told CNBC on Wednesday that bitcoin reminds him of currency issued during America's Colonial past that ultimately proved worthless. In 2004, Businessweek magazine analysts argued: "It was the Federal Reserve-engineered decline in rates that inflated the housing bubble the most troublesome aspect of the price runup is that many recent buyers are squeezing into houses that they can barely afford by taking advantage of the lower rates available from adjustable-rate mortgages. Notable critics included J.Bradford DeLong, Paul Krugman, Alice Rivlin, Michael Hudson, and Willem Buiter. Dorie Greenspan's new book includes three chocolate chip cookie recipes, but her new favorite, dubbed My Newest Chocolate Chip Cookies, is subtly flavored with coriander and nutmeg. And then 13 years ago, we got an apartment in Paris, and I became a Paris-New York commuter. Whisk together the flour, baking powder, baking soda and salt in a medium bowl, then whisk in the cornmeal. I have fiveJames Beard Awards (one for journalism; one for my book, Baking with Julia; one for Baking From My Home to Yours; one for Dories Cookies; and one for being voted into the Whos Who of Food and Beverage in America). Greenspan came to the Federal Reserve Board from a consulting career. Greenspan . [52], In May 2007, Greenspan was hired as a special consultant by Pacific Investment Management Company (PIMCO) to participate in their quarterly economic forums and speak privately with the bond managers about Fed interest rate policy. [43][44] He feared that Saddam could seize control of the Straits of Hormuz and restrict the transport of oil through them. I wasn't cut out for this. degree in economics summa cum laude in 1948[16] and an M.A. [67][68] During the 1960s Greenspan offered a ten-lecture course, "The Economics of a Free Society", under the auspices of the Nathaniel Branden Institute. When Representative Henry Waxman (D-CA) pressed him to clarify his words. degree in economics in 1950. Dorie Greenspan. A James Beard award-winning cookbook author's stories and recipes from here, there and Paris. It wasn't . In 1987, Alan Greenspan first appointed as the Chairman . International Association of Culinary Professionals, "Dorie Greenspan, Westbrook Public Records Instantly", "Cookie Master: Dorie Greenspan, culinary guru, reveals the secrets of the sable: it transforms basic ingredients into pure pleasure", "2011 Award Winners: Cookbook of the Year", "Dorie Greenspan enjoys charmed life as a foodie/part-time Parisian", "Good enough to eat: Books wrap up well for every kind of cook", "Dorie Greenspan's new cookbook invites the world to gather 'round her French table", https://en.wikipedia.org/w/index.php?title=Dorie_Greenspan&oldid=1109389274, 20th-century American non-fiction writers, 21st-century American non-fiction writers, Articles with dead external links from September 2017, Articles with permanently dead external links, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 9 September 2022, at 15:18. These improvements have led to rapid growth in subprime mortgage lending; indeed, today subprime mortgages account for roughly 10 percent of the number of all mortgages outstanding, up from just 1 or 2 percent in the early 1990s.[88]. [57], Greenspan wrote a memoir titled The Age of Turbulence: Adventures in a New World, published September 17, 2007. French Sabl Cookies. His memoir, The Age of Turbulence: Adventures in a New World, was published in 2007. For example, everybody's oven is different, so if I tell you to bake something for 25 minutes, I have to trust that at the end of 25 minutes you're going to look at itlet's say it's a cakeand you're going to say, "Gee, that doesn't look done. There's a chapter devoted to big and small cakes and another one for pies, tarts and cobblers for . [64], In the early 1950s, Greenspan began an association with novelist and philosopher Ayn Rand. It is that the avenues to express greed had grown so enormously", and suggested that financial markets need to be more regulated. [133], On September 26, 2002, Greenspan received an honorary knighthood from Queen Elizabeth II. By late 2004, the price of gold was higher than its 12-year moving average. Melissa November 8, 2016 - previous post. Baking for me is magic. [63] Although he respected what he saw as Richard Nixon's immense intelligence, Greenspan found him to be "sadly paranoid, misanthropic and cynical". His dissertation is not available from the university[19] since it was removed at Greenspan's request in 1987, when he became chairman of the Federal Reserve Board. I didn't know exactly what I wanted to do, but I knew I wanted it to be food. On February 26, 2007, Greenspan forecast a possible recession in the United States before or in early 2008. "[98] Financial Times associate editor and chief economics commentator Martin Wolf defended Greenspan primarily as a scapegoat for the market turmoil. Alan Greenspan, former Federal Reserve chairman, concluded "free enterprise" with no regulation is the best way to run an economy . I was just very, very lucky that I got to write about food. Her 11-city book tour brings Greenspan to Bartolotta's Lake Park Bistro, 3133 E. Newberry Blvd., for "An Evening with Dorie Greenspan," 6:30 p.m. Nov. 7. Her imaginative collection of recipes for pancakes, crepes, and blintzes will inspire you to keep the griddle hot from sunup to sundown. I used to make everything from scratcheverything. Meanwhile, Greenspan recommended improving mark-to-market regulations to avoid having derivatives or other complex assets marked to a distressed or illiquid market during times of material adverse conditions seen during the late 2000s credit crisis. (My last cookbook, Everyday Dorie, was a Scorpio, like its mom.). Organized as a series of menus like an Alsatian supper, a chic little lunch, or an autumn dinner after a day in the fresh air, this book first came out in the 1970's from Mastering the Art of . [24] Greenspan has also served as a corporate director for Aluminum Company of America (Alcoa); Automatic Data Processing; Capital Cities/ABC, Inc.; General Foods; J.P. Morgan & Co.; Morgan Guaranty Trust Company; Mobil Corporation; and the Pittston Company. Greenspan advised senior members of the George W. Bush administration to depose Saddam Hussein for the sake of the oil markets.
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