20070915 Greenspan attacks Bush on economy

Greenspan attacks Bush on economy

September 15^th, 2007

I’m well aware that the liberal media wishes to play this up for all its worth, but Mr. Greenspan is right. The spending by the Bush administration - and especially the Republican led Congress, most particularly in the two years preceding the 2006 November elections was way out-of-control – and there was no excuse for it. It was irresponsible.

The former chairman of the US Federal Reserve Alan Greenspan has said President George W Bush pays too little attention to financial discipline.

In a book to be published next week, Mr Greenspan says Mr Bush ignored his advice to veto "out-of-control" bills that sent the US deeper into deficit.

And Mr Bush's Republicans deserved to lose control of Congress in last year's elections, he charges.

Mr Greenspan, 81, stepped down last year after nearly 19 years in the post.

In The Age of Turbulence: Adventures in a New World, Mr Greenspan - who has described himself as a "lifelong libertarian Republican" - spares no criticism of the Republican party.

He writes that he advised the White House to veto some bills to curb "out-of-control" spending at the time Republicans controlled Congress.

President Bush's failure to do so "was a major mistake,” he said.

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Government Federal US Federal Reserve, Business economics and Investments, Congress, Bush Administration