Greenspan Is Critical Of Bush in Memoir-Former Fed Chairman Has Praise for Clinton

[babylonsister]

Greenspan Is Critical Of Bush in Memoir
Former Fed Chairman Has Praise for Clinton

By Bob Woodward
Washington Post Staff Writer
Saturday, September 15, 2007; Page A01

Alan Greenspan, who served as Federal Reserve chairman for 18 years and was the leading Republican economist for the past three decades, levels unusually harsh criticism at President Bush and the Republican Party in his new book, arguing that Bush abandoned the central conservative principle of fiscal restraint.

While condemning Democrats, too, for rampant federal spending, he offers Bill Clinton an exemption. The former president emerges as the political hero of "The Age of Turbulence: Adventures in a New World," Greenspan's 531-page memoir, which is being published Monday.

Greenspan, who had an eight-year alliance with Clinton and Democratic Treasury secretaries in the 1990s, praises Clinton's mind and his tough anti-deficit policies, calling the former president's 1993 economic plan "an act of political courage."

But he expresses deep disappointment with Bush. "My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan writes. "Not exercising the veto power became a hallmark of the Bush presidency. . . . To my mind, Bush's collaborate-don't-confront approach was a major mistake."

Greenspan accuses the Republicans who presided over the party's majority in the House until last year of being too eager to tolerate excessive federal spending in exchange for political opportunity. The Republicans, he says, deserved to lose control of the Senate and House in last year's elections. "The Republicans in Congress lost their way," Greenspan writes. "They swapped principle for power. They ended up with neither."

He singles out J. Dennis Hastert, the Illinois Republican who was House speaker until January, and Tom DeLay, the Texan who was majority leader until he resigned after being indicted for violating campaign finance laws in his home state.

"House Speaker Hastert and House majority leader Tom DeLay seemed readily inclined to loosen the federal purse strings any time it might help add a few more seats to the Republican majority," he writes.

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http://www.washingtonpost.com/wp-dyn/content/article/2007/09/14/AR2007091402451.html

[BootinUp]

1. Thats how a great legacy is made

when those from the other political side start praising you in hindsight. Read it and weep Georgie.

[MissWaverly]

2. Thanks, Alan for enabling Bush wreak-a-nomics

We sincerely appreciate your sound endorsement of those tax cuts for the rich which ate the surplus and drove up the national
debt.

[Spazito]

3. Greenspan's spinning would put the "turning head" scene in the

Exorcist to shame. He is both despicable and pathetic.

[Toots]

4. calling the former president's 1993 economic plan "an act of political courage."

If I recall correctly he was one of the Republicans that said it wouyld destroy America. Every single Republican in Congress made a stand against Clint5on's budget and they all said in unison that it would destroy the American economy and that it was the exact opposite approach to take. Al Gore as Vice-President had to cast a tie-breaking vote to get the budget passed. The USA went on to experience the greatest economic expansion in history. When Republican finally stole the Whitehouse and had complete control of Congress and the Extreme Court they decided they would show us all a thing or two. They would show us how Republicans govern and take care of our economy. They reversed everything Clinton accomplished and instituted their own way of dealing with the economy. America had the greatest economic turn around in history. Every single year had record deficits and the debt was almost doubled probably will be before Bush* is gone. This joker never once spoke up while all this was occuring. Only now that the very great majority despise Bush* and the Republican way of governing does he burp up a comment. IMO he is a major part of our financial problems..Screw him...

[MissWaverly]

5. isn't 70% of our national debt due to St. Ronnie, 41 and 43