Time Magazine picks up the story on O'neil
time.com
If anyone would listen to him, Paul O'Neill thought, Dick Cheney would. The two had served together during the Ford Administration, and now as the Treasury Secretary fought a losing battle against another round of tax cuts, he figured that his longtime colleague would give him a hearing.
O'Neill had been preaching that a fiscal crisis was looming and more tax cuts would exacerbate it. But others in the White House saw a chance to capitalize on the historic Republican congressional gains in the 2002 elections. Surely, Cheney would not be so smug. He would hear O'Neill out. In an economic meeting in the Vice President's office, O'Neill started pitching, describing how the numbers showed that growing budget deficits threatened the economy. Cheney cut him off. "Reagan proved deficits don't matter," he said. O'Neill was too dumbfounded to respond. Cheney continued: "We won the midterms. This is our due."
A month later, Paul O'Neill was fired, ending the rocky two-year tenure of Bush's first Treasury Secretary, who became known for his candid statements and the controversies that followed them.
He offers the most skeptical view of the case for war ever put forward by a top Administration official. "In the 23 months I was there, I never saw anything that I would characterize as evidence of weapons of mass destruction," he told TIME.
"I've been around a hell of a long time, and I know the difference between evidence and assertions and illusions or allusions and conclusions that one could draw from a set of assumptions. To me there is a difference between real evidence and everything else. And I never saw anything in the intelligence that I would characterize as real evidence."
He tried to build fiscal restraint into Bush's tax plan but was thwarted by those who believed, as he says, that "tax cuts were good at any cost." He was losing debates before they had begun. The President asked for a global-warming plan one minute and then while it was being formulated, announced that he was reversing a campaign pledge to cut carbon dioxide emissions and pulling out unceremoniously from the Kyoto global- warming treaty, short-circuiting his aides' work. The President was "clearly signing on to strong ideological positions that had not been fully thought through," says O'Neill. As for the appetite for new ideas in the White House, he told Suskind, "that store is closed."
Where ideology did not win, electoral politics did. Overruling many of his advisers, the President decided to impose tariffs on imported steel to please voters in key swing states like Pennsylvania, West Virginia and Ohio.
When the corporate scandals rocked Wall Street, O'Neill and Greenspan devised a plan to make CEOs accountable. Bush went with a more modest plan because "the corporate crowd," as O'Neill calls it in the book, complained loudly and Bush could not buck that constituency.
Weeks after Bush had assured O'Neill that rumored staff changes in the economic team did not mean his job was in peril, Cheney called. "Paul, the President has decided to make some changes in the economic team. And you're part of the change," he told O'Neill. The bloodless way he was cut loose by his old chum shocked O'Neill, Suskind writes, but what came after was even more shocking. Cheney asked him to announce that it was O'Neill's decision to leave Washington to return to private life. O'Neill refused, saying "I'm too old to begin telling lies now."
he also believes that by speaking out even in the face of inevitable White House wrath, he can demonstrate loyalty to something he prizes: the truth. "Loyalty to a person and whatever they say or do, that's the opposite of real loyalty, which is loyalty based on inquiry, and telling someone what you really think and feel—your best estimation of the truth instead of what they want to hear." That goal is worth the price of retribution, O'Neill says. Plus, as he told Suskind, "I'm an old guy, and I'm rich. And there's nothing they can do to hurt me."
====================================================
WOW
Mish |
