September 16, 200719 yr I think I like this man even more :mischief . As for his legacy I think he did a good job as it stands right now but this is ultimately a job whose legacy is determined more down the road than now. We still need to see some of the long term impacts of his policies but after the failure that to this point has been Bernanke, I don't think it's too outlandish to say Greenspan was right for this country at the time CNN) -- Former Federal Reserve Chairman Alan Greenspan slams President Bush and today's Republicans, while calling Richard Nixon and Bill Clinton "the smartest presidents" he worked with, according to an advance copy of his upcoming book. He further says the GOP deserved the stomping it took in November's congressional elections -- a ballot that saw both houses of Congress wrested from Republican control -- because the party "swapped principle for power." His book, "The Age of Turbulence: Adventures in a New World," is scheduled for release Monday. CNN obtained a copy Saturday. In the book, Greenspan wrote that Bush essentially left an unbridled GOP Congress to spend money however it saw fit, and by not vetoing a single bill in six years, the president deprived the nation of checks and balances. "The Republicans in Congress lost their way," Greenspan wrote. "They swapped principle for power. They ended up with neither. They deserved to lose." Greenspan, an 81-year-old Republican who retired last year after five terms as Fed chairman, wrote that he made no secret of his view that Bush should reject some bills. "It would send a message to Congress that it did not have carte blanche on spending," Greenspan recalls telling the administration. "But the answer I received from a senior White House official was that the president didn't want to challenge House Speaker Dennis Hastert. 'He thinks he can control him better by not antagonizing him,' the official said. "The Republican Congress stayed within the president's top-line numbers on non-national security appropriations bills. We had veto threats, which were used to good effect to keep spending within the president's numbers," said spokesman Tony Fratto. Greenspan wrote in his book that the decision was costly. "To my mind," he wrote, "Bush's collaborate-don't-confront approach was a major mistake -- it cost the nation a check-and-balance mechanism essential to fiscal discipline." He further wrote that former Treasury Secretary Paul O'Neill "found himself the odd man out; much to my disappointment, economic policymaking in the Bush administration remained firmly in the hands of the White House staff." Fratto countered that O'Neill and former Treasury Secretary John Snow "had the opportunity to present their ideas through the policymaking process. If ideas failed to carry the day, it probably had something to do with the force and logic of the policies being advocated, rather than anything about the 'process.' Ideas were considered, sometimes they achieved consensus, sometimes not -- nothing unusual there. At any rate, where we ended up on economic policy was right, as our records show." "We're not going to apologize for increased spending to protect our national security," Fratto said. "That isn't just increased spending. It's an investment in the safety and security of the nation, which is also, by the way, an important economic objective." Greenspan praised former President Clinton and his attitude toward economic policies, saying, "either Clinton shared many of my views on the way the economic system was evolving and on what should be done, or he was the cleverest chameleon I'd ever encountered." "Clinton was often criticized for inconsistency and for a tendency to take all sides in a debate, but that was never true about his economic policy," he wrote. "A consistent, disciplined focus on long-term economic growth became a hallmark of his presidency." Greenspan said Clinton and former President Nixon were "by far the smartest presidents I've worked with." The former Fed chairman says his view of the Bush administration was not always so grim, and that he was initially excited about Bush's election. "I looked forward to at least four years of working collegially with many of the government's best and brightest men, with whom I had shared many memorable experiences. And on a personal basis, that is how it worked out," Greenspan wrote. "But on policy matters, I was soon to see my old friends veer off in unexpected directions."
September 16, 200719 yr 100% agree. One senate race in my view was run with any type of conviction/backbone for the GOP. One.
September 17, 200719 yr 100% agree. One senate race in my view was run with any type of conviction/backbone for the GOP. One. Which one? In an interview with "60 Minutes" that was on a little while ago, Greenspan said that he couldn't believe how bigoted Nixon was. He also said that he never expected him to use so many 'four letter words' as he did. He ended the interview by saying that he was not looking forward to the future, as he sees 'gloomy' times ahead. I don't like the sound of that.
September 17, 200719 yr Greencan is talking about the GOP as if he was a Republican. He's a f***ing liberal Democrat! Another thing, why do people listen to this clown? The current economic issues stem from his wanting to dampen growth by raising rates.
September 17, 200719 yr Author Greencan is talking about the GOP as if he was a Republican. He's a f***ing liberal Democrat! Another thing, why do people listen to this clown? The current economic issues stem from his wanting to dampen growth by raising rates. I've not heard one economist but the most hardcore conservative ones say anything like that. Their's a reason every major economist and almost every firm on wall street are hammering Bernanke. It's his hesitation to do anything thats causing problems.
September 17, 200719 yr Greenspan himself says he votes Republican.... and I'm....... ANDREA MITCHELL NBC News - The State Department
September 17, 200719 yr Greencan is talking about the GOP as if he was a Republican. He's a f***ing liberal Democrat! You don't remember who appointed him, do you?
September 17, 200719 yr 100% agree. One senate race in my view was run with any type of conviction/backbone for the GOP. One. Which one?Michael Steele. GOP messed up not naming him chariman of the RNC.
September 17, 200719 yr Greenspan is bizarre insofar as his political views. He is a liberal Republican, or perhaps a budget hawk Democrat... hard to place him really. He is correct though, much of the GOP has traded principal for power. The loss of Gingrich and the retirement (honoring a 12 year service pledge made in the Contract with America) of several of the New Federalists as really hurt the party's commitment to conservative fiscal ideals.
September 17, 200719 yr Greenspan has always been a republican for a long time now. He is more of a traditional republican. Republicans now arent what they used to be as a party (representatives), most of them seem to have substituted fear mongering and religion for policy and morals.
September 17, 200719 yr I have generally been a fan of Greenspan. All I will say on the topic is that the guy is trying to SELL A BOOK. I take 90% of his more outlandish claims with a grain of salt even if they are peppered with flakes of truth.
September 17, 200719 yr Greencan is talking about the GOP as if he was a Republican. He's a f***ing liberal Democrat! Another thing, why do people listen to this clown? The current economic issues stem from his wanting to dampen growth by raising rates. Uh, Greenspan lowered rates from 2001 to 2004. If anything, there's an argument that the Fed contributed to the subprime mess by keeping rates LOW for so long. Generally I thought he did a fine job, but one thing he really missed on was the housing bubble & the mortgage mess that followed. He didn't see any dangers with the housing bubble, and didn't forsee the subprime collapse coming at all. In fact, back then I can recall him encouraging all the "creative" lending going on, saying it was all healthy. Now he's even admitted he knew these questionable lending tactics were being used and still didn't do anything. Whoops. Not that it's his fault or anything, but sure would like to have seen someone calling for some restraint.
September 17, 200719 yr Greencan is talking about the GOP as if he was a Republican. He's a f***ing liberal Democrat! You don't remember who appointed him, do you? Who is Ronald Reagan for $300?
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