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    Greenspan and Politics

    Former Federal Reserve Chairman Alan Greenspan says the Republican party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles. Greenspan delivers the withering critique in his memoir, "The Age of Turbulence: Adventures in a New World."

    In the book, scheduled for public release Monday, Greenspan writes that he advised the White House to veto some bills to curb "out of control" spending while the Republicans controlled Congress. He says President Bush's failure to do so "was a major mistake." Republicans in Congress, he writes, "swapped principle for power. They ended up with neither. They deserved to lose."



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    Re: Greenspan and Politics

    Quote Originally Posted by alaskaguy View Post
    Former Federal Reserve Chairman Alan Greenspan says the Republican party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles. Greenspan delivers the withering critique in his memoir, "The Age of Turbulence: Adventures in a New World."

    In the book, scheduled for public release Monday, Greenspan writes that he advised the White House to veto some bills to curb "out of control" spending while the Republicans controlled Congress. He says President Bush's failure to do so "was a major mistake." Republicans in Congress, he writes, "swapped principle for power. They ended up with neither. They deserved to lose."
    Maybe Greenspan can add a chapter called "How I drove down interest rates, while allowing banks to give out ridiculous amounts of questionable variable rate mortgages, thus precipitating a major collapse of the mortgage industry". That would make a great chapter. Can't wait to read the book- though I do agree with him on spending



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    Re: Greenspan and Politics

    Quote Originally Posted by Cyclonepride View Post
    Maybe Greenspan can add a chapter called "How I drove down interest rates, while allowing banks to give out ridiculous amounts of questionable variable rate mortgages, thus precipitating a major collapse of the mortgage industry". That would make a great chapter. Can't wait to read the book- though I do agree with him on spending
    Mr. Greenspan defended the low interest rate policy this way.... "We wanted to shut down the possibility of corrosive deflation," he writes. "We were willing to chance that by cutting rates we might foster a bubble, an inflationary boom of some sort, which we would subsequently have to address....It was a decision done right."



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    Re: Greenspan and Politics

    I wonder who's made fewer mistakes: God or Greenspan?



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    Re: Greenspan and Politics

    He also predicts inflationary pressure fore the next 20+ years resulting in double digit interest rates.

    He is right about the Republicans however. President Bush ushered in the largest entitlement spending bill ever with the prescription drug benefit.



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    Re: Greenspan and Politics

    Another interesting observation that Greenspan made was his statement that "the Iraq War is mainly about oil."



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