Greenspan Blames Bush for Economic Woes

Greenspan Blames Bush for Economic Woes

news.bbc.co.uk

The former chairman of the US Federal Reserve Alan Greenspan has said President George W Bush pays too little attention to financial discipline.

In a book to be published next week, Mr Greenspan says Mr Bush ignored his advice to veto "out-of-control" bills that sent the US deeper into deficit.

And Mr Bush's Republicans deserved to lose control of Congress in last year's elections, he charges.

(visit the link for the full news article)

It would be hard to dispute this honestly. Fact is that the Bush administration coupled with the Republican Congress spent money like drunken sailors. Just on different things than the "tax and spend" liberals.

news.bbc.co.uk
(visit the link for the full news article)

Hopefully we'll get a Democratic administration that cares less about cronyism and rewarding avaricious corporations that will rescue the economy

Ouch they only thing that prevents Greenspan book from inflicting heavy damage is that the Dems don't appear to be any more fiscal responsible then there Republican counter parts. Of course the Dems will still look to gain political mileage out of Greenspan book. IMO the mistake Bush made was being passive with Congress. He must have thought that if he let Congress have its pork projects they would support his plans to privatize Social Security.

All in all Bush has lost out politically again.

Originally posted by djohnsto77

Fact is that the Bush administration coupled with the Republican Congress spent money like drunken sailors. Just on different things than the "tax and spend" liberals.

Let me throw in one hard fact about this.

The 770 billion deficit was for 80 percent of it created under 3 Republican presidents, Reagan, Bush Sr, Bush Jr, and 80 percent of that was created by Junior.

Creating terrorist doesn't come cheap.

What better way to sell a book than to bash the President.

Greenspan retired just in time. Dementia is a very bad thing. But if you look at who he is married to, it might not be that bad. I wonder how much his wife, looney leftist Andrea Mitchell from NBC news, had to do with this?

How bad is the economy really? Record tax receipts, deficit reduction way ahead of schedule, record low unemployment, record highs for the Dow Jones. Not too bad if you ask me.

Actually, the my economic outlook would be pretty good too if I borrowed a million bucks a month from a bank. It wouldn't matter how much I borrowed if I never made any plans to pay it back and I spent more than I borrowed and made.

Long story short, Greenspan had a good head on his shoulders before he went to the fed, but to be honest, Bush is only one in the long line of fiscal morons who have lead this nation from WW2 to now.

We've had worthless money for over 30 years now. Enjoy the ride while it lasts, because superficial numbers and figures don't stretch into the depth of the national economy.