Greenspan gets wars mixed up calls Iraq, Vietnam

[sabra]

http://www.usatoday.com/money/economy/2006-10-27-greenspan_x.htm

<snip>

Greenspan briefly got his wars mixed up, though. "What is happening is the huge size of the American economy is absorbing the costs of the Vietnam — I'm sorry," he said, catching his mistake. "The combination of Iraq and Afghanistan is not large enough ... to have an economic effect."

[rodeodance]

1. the economy is absorbing the $ wars?? ---they are off the books? not

counted.

[ProfessorGAC]

3. More Fundamentally, Deficits Are Deficits

No matter the accounting, the revenue is lower than the outlays. So, the economy is NOT absorbing the cost of the war. Because if it were, the revenues would be high enough to cover those costs and not require borrowing. This isn't merely wrong. It's a lie!
The Professor

[leveymg]

2. He does that with his numbers, too.

That's how a $10 trillion national debt becomes a $.01 debt. Genius. Explains a lot about how we got where we are.

[gratuitous]

4. Greenspan is as delusional as Rumsfeld

Maybe if he got out of his chauffeured limosine or his private jet and got a good look at the country's infrastructure, he'd have a better idea what cost of these invasions has been. When was the last time Mr. Greenspan was in an inner city emergency room? Or school? Or someplace that wasn't wood paneled where they serve giant snifters of brandy?

Half a trillion dollars has been irretrievably flushed down the toilet, Mr. Greenspan, along with hundreds of thousands of lives. I know that your off-the-books gardener still shows up so you don't notice it, but the disruption of the economy in this country has had a staggering effect on hundreds of millions of people.

[cautiouslywaiting]

5. Greenspan

is a moron. I have no idea how he even manages to put on his shoes in the morning.