September 14, 2004

BEWARE AYN'S MAN:

Alan Greenspan's War on America's New Deal Democracy (Mike Whitney, 9/14/04, The Progressive Trail)

No one has taken on the task of bankrupting the US Treasury with greater zeal than Alan Greenspan. The wizened Fed-master has taken burgeoning budget surpluses and turned them into massive debt in less than four years.

Some readers will question whether or not Greenspan can be held responsible for the actions of the administration? But, it is the Fed's monetary policy that enabled the Bush tax cuts to go forward and dump the country in a vat of red ink. Those tax cuts received the warm embrace of Alan Greenspan.

The Federal Reserve works hand-in-hand with the Washington policy-czars, keeping interest rates low when there are wars to be fought and ratcheting them up "sky-high" when anyone breathes a word about national health insurance.

Greenspan's collusive relationship with the Bush Administration has left the country teetering on brink of insolvency. This provides the perfect opportunity to take the carving knife to the many social programs that Americans have come to depend on.


Wow, if he manages to dismantle the New Deal just be tweaking interest rates he really deserves that Maestro sobriquet.

Posted by Orrin Judd at September 14, 2004 3:54 PM
Comments

"Greenspan's collusive relationship with the Bush Administration has left the country teetering on brink of insolvency. This provides the perfect opportunity to take the carving knife to the many social programs that Americans have come to depend on"
I don't buy the insolvency bit but hopefully Bush's plan is to use deficits to cut govt. Then again the best way to reduce govt is to get the govt. out of social security


Posted by: at September 14, 2004 4:23 PM

Since Greenspan's taking heat from both the Left and the Right, it's probable that he's in the sweet spot as far as maximizing the Fed's ability to control economic events.

N.B., Mike Whitney is saying that the Fed should have raised interest rates in 2002 and 2003, a clear indication of total lack of knowledge, or alternatively, insanity.

Posted by: Michael Herdegen at September 14, 2004 8:50 PM
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