Saturday, September 15, 2007

Greenspan Sings

The former fed chairman lets free-spending Republicans have it with both barrels.

Money quote:

Mr. Greenspan, who calls himself a "lifelong libertarian Republican," writes that he advised the White House to veto some bills to curb "out-of-control" spending while the Republicans controlled Congress. He says President Bush's failure to do so "was a major mistake." Republicans in Congress, he writes, "swapped principle for power. They ended up with neither. They deserved to lose."

Man, he's got that right.


Anonymous Randal said...

And yet the Repubs still aren’t as bad as the Libs!

September 15, 2007 at 11:42 AM 
Anonymous BJ said...

Why did he wait until he had an $8+ million book deal to tell us this?

Greenspan is rightfully given a lot of credit for forcing Clinton to practice fiscal discipline. Greenspan essentially went to Clinton and said that interest rates would not go down (and economic growth occur) unless Clinton restrained spending and took control of the budget deficit.

However, Greenspan refused to force Bush to practice fiscal discipline in the same way. He cut interest rates twice in the first four months of 2001 despite Bush's efforts to inflict his big tax cut on the federal budget. ... The Fed rate cuts were particularly ill-timed because there was both a surplus of "product" and overcapacity in the production sector when those cuts were made.

I say give Greenspan credit where it is due (for his role in the Clinton economic miracle) and blame where it is due (for his even larger role in the Bush economic disaster).

September 15, 2007 at 9:51 PM 
Blogger Spencerblog said...

It was both Greenspan and a Republican congress that forced fiscal discipline on Bill Clinton.

But, give the guy credit. He did right thing.

Bush cut taxes and allowed the Republican majority to increase spending on everything from the wars to the prescription drug benefit for seniors.

Now the Dems have a slight majority, Bush is going to get fiscal discipline? That's pretty lame, I have to admit.

September 15, 2007 at 11:16 PM 
Anonymous BJ said...

Re-read my comment. I was not suggesting that a Democratic majority would force Bush to be more fiscally responsible. I was simply making the point that Alan Greenspan didn't exactly help the situation when he was in a position to do so.

September 16, 2007 at 12:02 AM 
Blogger Patricia said...

Well said, BJ!

Nevetheless, I have to add that, since 2000, I've felt like the Republican Party has been hijacked by a bunch of neo-con scoundrels who are no more Republican than Hilary Clinton. It's been very sad to see how the mainstream of the Republican Party has been so easily manipulated by Karl Rove and his crew into abandoning all the Republican core principles of fiscal conservatism, government restraint, etc. It's been like the ancient Romans, and "bread and circuses." Keep the crowd entertained with spectacles like gay marriage, abortion, and the death penalty, while the neo-cons plunder the Empire.

I have been hoping that the Republican Party will get its soul back before it's too late. Maybe Greenspan's book will help.

September 16, 2007 at 12:16 AM 
Anonymous BJ said...

Bush's opinion


September 16, 2007 at 11:42 AM 
Blogger Patricia said...

Gotta love that Scrappleface!

September 16, 2007 at 8:50 PM 
Blogger David Diano said...

This comment has been removed by the author.

September 16, 2007 at 9:17 PM 
Anonymous Randal said...

And you forget that Reagan appointed him.

Ol' Slick ain't as smart as he thinks he is.

September 16, 2007 at 11:12 PM 
Blogger David Diano said...

This comment has been removed by the author.

September 17, 2007 at 10:09 AM 
Anonymous Randal said...

Sure, Willie was smart enough to see that one of the architects of Reaganomics was worth keeping aboard. That’s hardly noteworthy.

What is noteworthy however is how here you’ll sing those praises in defense of Willie even though you Libs dispute the value of those economic policies to this day.

I love how you Angry Lefties have done you can to engineer the divide of our country and then disingenuously weep about how it is Bush who is viciously partisan! Why, that’s like lying, Dave!
If you notice, no one –even here on this board- is as viciously and blindly partisan as you. Or, in other words, “Mr. Pot, have you no decency?”

That’s how you do it, Dave. That pain you’re having is how it feels to be schooled. Take it like a man. ;)

September 17, 2007 at 11:00 AM 
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