9.15.2007

The pot calling the kettle whore-y

Alan Greenspan, father of the greatest asset bubble in the history of the world and promoter of the toxic adjustable-rate mortgages that are destroying families and the American consumer, has the gall to criticize Republicans for fiscal recklessness:
In a withering critique of his fellow Republicans, former Federal Reserve Chairman Alan Greenspan says in his memoir that the party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles.

In "The Age of Turbulence: Adventures in a New World," published by Penguin Press, Mr. Greenspan criticizes both congressional Republicans and President George W. Bush for abandoning fiscal discipline.

The book is scheduled for public release Monday. The Wall Street Journal bought a copy at a bookstore in the New York area.

Mr. Greenspan, who calls himself a "lifelong libertarian Republican," 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."

Yes, the Republicans were stupid and destructively reckless. But Greenspan, supposedly a brilliant man, was still destructively reckless. And the fallout from Greenspan's easy-credit policies will likely be far more severe than the damage caused by Republican spending.

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