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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Nicholas Thompson who wrote (46790)	9/15/2008 7:47:22 PM
From: Ann Corrigan	1 Recommendation Respond to of 224749

He refers to himself as a Libertarian Repub: Sept 15, 2008 Posted by macranger as allen greenspan, financial, housing, hypocrisy Talk about Chutzpah. “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. …”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.” No doubt the Bush Administration threw away good general principles of conservative government in it’s sometimes out of control spending. But nothing is affecting our ecomony more at this time - and in a personal way - than Greenspan’s absolute recklessness in creating the present housing crisis. “Many economists say the Fed, by cutting short-term interest rates to 1% in mid-2003 and keeping them there for a year, helped foster a housing bubble that is now bursting. In his book, which was largely written before much of the recent turmoil in credit markets, Mr. Greenspan defends the policy. “We wanted to shut down the possibility of corrosive deflation,” he writes. “We were willing to chance that by cutting rates we might foster a bubble, an inflationary boom of some sort, which we would subsequently have to address….It was a decision done right.” Yeah Allen, tell that noise to the tens of thousands of Americans who are facing foreclosures because of YOUR decision “done right”. macsmind.com