Greenspan Slams Bush

[Toro]

Former Federal Reserve Chairman Alan Greenspan criticized President George W. Bush for following an economic agenda driven by politics instead of sound policy, with little concern for future consequences.

Soon after Bush took office, Greenspan wrote in a new book, it became evident that the Treasury secretary and White House economists would play secondary roles in decisions on taxes and other issues. ...

In the 531-page tome, which ranges from Greenspan's childhood in New York to his 18 years at the Fed, he recounts his relationships with the six presidents he served.

Richard Nixon and Bill Clinton were the most intelligent, he wrote, while he found Ford the most normal and likeable. Ronald Reagan was the most devoted to free markets, though his grasp of economics ``wasn't very deep or sophisticated.''

George H.W. Bush, the current president's father, was very cordial, though Greenspan's relationship with him was complicated by differing views on monetary policy, he wrote. Bush blamed high interest rates, in part, for his 1992 election loss to Clinton.

Harshest Criticism

Greenspan saved his harshest analysis for the current president. Soon after Bush took office in 2001, the president set about implementing a campaign promise to cut taxes, a policy Greenspan said he believed at the time wasn't well conceived.

``Little value was placed on rigorous economic policy debate or the weighing of long-term consequences,'' he wrote. ...

Greenspan's frustration extended to Congress, which let spending get out of control, he wrote. ```Deficits don't matter,' to my chagrin, became part of the Republicans' rhetoric,'' he said. ``The Republicans in Congress lost their way. They swapped principle for power. They ended up with neither. They deserved to lose.'' The Republicans lost control of both houses of Congress in the November 2006 elections.

Even though he had differences with Bush on economic policy, Greenspan said the president promised him early on he wouldn't interfere with Fed policy. He kept his pledge, Greenspan said.

Greenspan also rejected the belief held by some critics that Vice President Dick Cheney tells Bush what to do.

``From my brief acquaintance'' with Bush, wrote Greenspan, ``it was my impression that he was his own man.''

When Bush brought one-time Ford aides Cheney -- whom Greenspan describes as having a ``sphinx-like calm'' -- and Donald Rumsfeld, back to Washington, the Fed chairman saw a ``golden opportunity to advance the ideals of effective, fiscally conservative government and free markets.''

`Unexpected Directions'

It wasn't to be. ``I was soon to see my old friends veer off in unexpected directions,'' wrote Greenspan, who had been encouraged by the budget surpluses of the Clinton administration. ``Then with George Bush came the tax cuts, unmatched by decreased spending, and, in the wake of September 11, still more open-handed spending.''

Greenspan said he never became part of Bush's inner circle, in which dissent from staff like former Treasury Secretary Paul O'Neill wasn't encouraged. ``Paul's outspokenness put him at odds with the administration, which emphasized loyalty and staying on message.'' The White House just wanted a spokesman for its economic policies, he said. ...

http://www.bloomberg.com/apps/news?pid=20601087&sid=amfeUB4gqTWw&refer=home

 

[bush lover]

Well, well, surprise, surprise. Greenspan and the traitorous failure sex-fiend Clinton were soulmates. Well at least Greenspan has the guts to admit what we all knew. Greenspan hates our President Bush, that's clear. Greenspan says deficits matter. Well, he's a liar. Our Vice President Cheney, who was a highly successful business executive, said our President Reagan proved deficits don't matter. And they don't. We can spend all we want, because we have China and Mexico to make anything we want at dirt-cheap prices. We just keep paying dollars. It's simple. And now Greenspan, the Federal Reserve minion, tells us that our President led us to war for oil in Iraq. Liar again. Our President said the Iraq war is to protect our freedoms that the evil-doers hate us for, to fight the terrorists over there instead of here, to get rid of Saddam and his weapons of mass destruction. As Rep. Boehner said, a few thousand casualties and a trillion dollars are a small price to pay to protect our freedoms from the terrorists. And now Greenspan's housing mess is left for our President to clean up. We need more tax cuts and now.


http://www.washingtonpost.com/wp-dyn/content/article/2007/09/14/AR2007091402451_pf.html

 

[Toro]

I can't tell if you're serious or not.

 

[Psychoblues]

I think it is clear enough that Greenspan is no lover of any particular politician, Toro. Greenspan is a numbers cruncher and one of the best of the last century or so, IMHO.