"But Paul O'Neill, the Treasury secretary, is something of an anti-Greenspan. He has made a series of wild remarks on subjects ranging from the dollar to Argentina and recently the stock market. When Wall Street reopened a fortnight ago, O'Neill declared that the market would be approaching all-time highs in the next 12 to 18 months. The Dow Jones Industrial Average promptly experienced its worst week since the Depression.
Recently, when Congress has wanted to consult a Treasury secretary, it has sometimes called in Robert Rubin, a Clinton-era figure whose reputation on Wall Street is impeccable. The fact that Rubin, who is now a private banker, has emerged as a powerful influence in this crisis tells you something about the limits to the power of a newly active government. But it also should remind the president to keep a wary eye on his man at Treasury."
The above is an excerpt from the Washington Post on fear and the recession.
By Sebastian Mallaby
Monday, October 1, 2001; Page A21
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Kennety, O'Neill has made crazy remarks for months. Initially, he refused to look into offshore bank accounts where the mob and terrorists, like bin Laden keep their money. I read that he told the press he received so many letters from the public that he said he changed his mind. Whether he did, I don't know. After the terrorist attacks on New York, O'Neill has no choice but to pursue off-shore accounts.
At one point, I believe O'Neill said he wanted to abolish corporate taxes.
I've noticed that Rubin has testified b4 Congress recently, and while Rubin
served in the Clinton administration, I believe Rubin is a REPUBLICAN. |
