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Republican Greed and Abuse of Power

Courageous Americans are speaking up to stop the Republicans in 2008 -- despite an increase in the usual GOP tactic of labeling critics as a traitor or "un-patriotic." It takes a patriot to stand up to the government and speak out when it's headed down the wrong path; that's something the so-called 'conservatives' forgot a long time ago. The latest American to speak up is former head of the US Federal Reserve, life-long Republican Alan Greenspan.

wgreen.jpgGreenspan was appointed Federal Reserve Chairman by Ronald Reagan in 1987 and served in that post until 2006 - 11 years under Republican presidents and 8 years under Democrats, and was also an economic adviser to Presidents Nixon and Ford.

He doesn't have kind words for George W. Bush and the necons in his administration who have since day one put politics at the top of all policy-making decisions.

The man credited with guiding the US through two decades of economic boom says Mr Bush and his inner circle put their political priorities ahead of the economic good of the country.

Denouncing the tax cuts which President Bush brought after winning power, Mr Greenspan says in his memoirs that the Republicans deserved to lose the last Congressional elections in November because they abandoned fiscal discipline and hugely swelled the US budget deficit.

Mr Greenspan, 81 - a lifelong Republican who served six presidents as an adviser and as Fed chairman from 1987 to 2006 - reserves his most coruscating criticism for the current occupant of the White House.

In discussing the tax cut, he writes in The Age of Turbulence: Adventures in a New World: "Little value was placed on rigorous economic policy debate or the weighing of long-term consequences."

Contrasting the behaviour of Dick Cheney and other officials when they served President Gerald Ford with their attitude working for President Bush, Mr Greenspan says: "Now, the political operation was far more dominant."

He adds: "With George Bush came the tax cuts, unmatched by decreased spending, and, in the wake of September 11, still more open- handed spending," something he brands "a major mistake".

"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," he writes.

"'Deficits don't matter,' to my chagrin, became part of the Republicans' rhetoric. The Republicans in Congress lost their way. They swapped principle for power. They ended up with neither. They deserved to lose."

Without elaborating, he also observes: "I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil."

What Greenspan laments is not going to change. The era of true conservatism is gone forever, and the neo-conservatives will say and do anything to get and keep power, including lying to the American people and marching us into a war for oil under the guise of protecting us. Not a single one of the Republican presidential candidates would have done it differently.

Thousands of lives and Trillions of tax dollars later courageous Republicans like Greenspan are finally speaking up and speaking the truth. It's about time.

Note: Wizbang Blue is now closed and our authors have moved on. Paul Hooson can now be found at Wizbang Pop!. Please come see him there!

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Comments (2)

I've personally never been a big fan of Alan Greenspan's economic policies, however he certainly carries a great deal of weight and authortity and is a widely publicly respected figure. His new book and his observations should carry a great of weight as well.

Using interest rate hikes to slow inflation and also the economy as Greenspan did only curtailed economic booms which could have provided more jobs. Interest rate hikes also added huge new costs to automobiles, homes and credit cards as well, and set many Americans up for foreclosures or other problems, when encouraging more affordable interest rates would have had huge economic benefits for consumers and sellers alike.

During the Roosevelt years, wage and price controls were an effective economy management tool that allowed growth without the harm to the average citizen of the increased interest rates of Alan Greenspan. However, any policy like this that reminds some of "socialism" is a difficult sell in our economically conservative nation. But still, the timid economic policies of Alan Greenspan had wide bipartisan respect and his book will likely be widely quoted and used during the 2008 election as a main source of information by many journalists and politicians alike and have some real lasting power.

Steve Crickmore:

Cheney in 1999: "The Middle East with two-thirds of the world's oil and the lowest cost is still where the prize ultimately lies"...and the invasion fully funded paid by the American taxpayer in the name of 'Operation Iraqi freedom' would provide the opportunity for the glittering prize which has turned out to be fool's gold for some members of the administration, but worth every penny for the oil and war resource companies.


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Publisher: Kevin Aylward

Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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