This really blackens my seabass!
http://www.nationalreview.com/kudlow/kudlow-higgins200401140842.asp(snip)
O'Neill never grasped what it is to be Treasury secretary. When he was not in Africa posing for TV cameras with rock singers, he was telling Americans not to listen to vote-hungry politicians — that he, instead, would give it to 'em straight. He chose to be an iconoclast, and at times he resembled a gadfly.
A Treasury secretary doing his job right is not an iconoclast — he's an icon. He is the public face of U.S. economic policy. His signature appears on the dollar bill. A major part of his job is to build confidence internationally that the U.S. government has the economic situation under control. Successful Treasury secretaries like Don Regan and Bob Rubin did this well.
O'Neill never had a full-scale debacle on his watch — the way James Baker did when his weak-dollar comment sparked a dollar plunge, which was followed immediately by the stock market crash of 1987. But O'Neill showed he was gaffe-prone in his first month as Treasury secretary: He told a German newspaper that the U.S. is "not pursuing, as it is often said, a policy of a strong dollar." In his short time in Washington, O'Neill would gaffe again and again on the dollar. In fact, a Factiva search of "O'Neill" and "dollar" and "gaffe" comes up with 72 entries during his two years in office. Unsurprisingly, the dollar took its first large steps in declining against the euro on O'Neill's watch.
Don't pick from Paul O'Neill's plate of sour grapes. The president's supply-side policies will pay sweet dividends in the economy and the stock market for years to come.
(snip)