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dArKeR Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 06:04 PM
Original message
Greenspan comes under pressureas deficit grows
Edited on Sun Jul-20-03 07:04 PM by dArKeR
As the governments red ink rises to historic levels, Democrats and a few quiet Republicans have become impatient with the man they say bears some responsibility for the burgeoning budget morass. In January 2001, as President Bush began his term after the disputed election and even allies were saying his proposed $1.6 trillion tax cut was too large, Greenspan unambiguously flashed a green light to Congress to push it through.
Now some members of Congress complain that the Fed chairman flashed no clear red lights as the countrys fiscal fortunes changed. Instead, they say, he has equivocated on further tax cuts. Greenspans stand is all the more striking, they say, because he has always loudly implored policymakers to fight deficits and prepare for the retirement of the Baby Boom generation.
Frankly, for a guy who I basically think does a terrific job on balance, hes walked away from his own long-term commitment to the kind of fiscal credibility, sanity, responsibility that hes been one of the best advocates for, said Sen. Jon S. Corzine (D-N.J.), a former chairman of Goldman Sachs & Co. He needs to be more forceful, not necessarily in recommending what we need to do but that something needs to be done.

Jonathan Weisman, John M. Berry

You 2 Media Whores are sucking on Satan's horn! Bush and the GOP leadership are 100% responsible for this mess. Sure Democrats will take a shot at Greenspan but that's politics. Your job, when you not being a WHORE, is to report the truth to the American people of what really happened. Greenspan or anyone else who doesn't follow the Bush Reich is sent to Guantanamo Bay or they publicly crucified by you the American Media Whores. Jeffords, Powell, Dashles, Kennedy, Leahy, Bill Maher, Clintons...

You forgot to mention how good the Clinton/Greenspan team worked.

If I was close enough I'd slap you in the face!


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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 06:15 PM
Response to Original message
1. It's Greenspan's fault.
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indepat Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 06:37 PM
Response to Reply #1
2. Yeah, wasn't he afraid that those projected large budget surpluses
would harm the economy so he blessed those humongous taxcuts?
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I AM SPARTACUS Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 06:44 PM
Response to Reply #1
4. Supervillain Smirko is holding the Greenspan family hostage...
...I mean his WHOLE family, you know, like 3 or 4 generations and a coupla dozen second cousins, 90-something third cousins and related-by-marriage-folks...

...and the pets.
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jamesinca Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 06:40 PM
Response to Original message
3. And the reason it is Greenspans faoult is
because Bush proposed it, because congress approved it. When did Greenspan become their fact checker? Did lowering the interest rate 13 times ever become a clue or a red light? They are talking the 2001 budget, and it has been shown that the recession ended in 11/01. A new one started after that. It says that a few of Bush allies were saying it was to large of a tax cut, so why did they not vote against it then, if they did then they knew. If they did not vote against his tax cut of '01 then they were being ideologes and not voting for what was correct. What a bunch of BS, these same people voted for his '03 budget, if '01 was to big then '03 should have never made it to the congress. Since they were to busy giving Bush the green light, not Greenspan, that budget also made it. If I remember correctly, Chenney had to come to the senate to break a tie. Lets see, something so loved and approved by Greenspan met with that much resistance. Or were people voting party lines and not what was correct again. Don't blanme Greenspan, Bush is accountable and so is the congress that voted for it!!!!!
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indepat Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 07:02 PM
Response to Reply #3
6. I blame Greenspan since he green-lighted the first big tax cut and
has failed to strongly thwart later tax-cut initiatives.
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Boom_cha Donating Member (431 posts) Send PM | Profile | Ignore Sun Jul-20-03 08:26 PM
Response to Reply #6
8. I agree
Greenspan had the power to derail both tax cuts. Remember, Greenspan is the one that forced Poppy Bush to reneg on his "read my lips" promise. I was shocked that Greenspan did not speak out strongly against the most recent tax cut. He must be getting soft in his old age.
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ferg Donating Member (873 posts) Send PM | Profile | Ignore Sun Jul-20-03 06:49 PM
Response to Original message
5. Wow. Actual reporting.
Granted, it's only 3 years too late, but still.

"No one disputes the important some say critical role that Greenspan played in the passage of Bushs initial tax cut, which totaled $1.35 trillion through 2011."

Greenspan's support of Bush's tax cut was important in convincing the wishy-washy DLC dems like Feinstein to support that tax cut.

Still, it's similar to blaming the CIA for "letting" Bush lie about the Iraq threat. They're blaming Greenspan for supporting Bush's deficit program rather than putting the blame on Bush.
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are_we_united_yet Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 09:07 PM
Response to Reply #5
10. Agree with you
BushCo should take the blame. Forget Greenspan.
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unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 07:56 PM
Response to Original message
7. to blame greenspan is to let bush off easy
sure, the fed could have kept rates lower, and greenspan spent all his political capital idly ignoring the disastrous effects of the bush tax cut plan on the budget.

but bush was the one whose game plan from the get-go was to drain the treasury, and there's not much greenspan could have done.
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gristy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-20-03 08:36 PM
Response to Original message
9. It's getting hard to shock me anymore
but this one does. Amazing - MSNBC is reporting that our congressmen (both R and D) are BLAMING GREENSPAN for our fiscal nightmare which looks like it will never end. Just too incredible for words.

These politicians are becoming increasingly indistinguishable from the corporate executives ("uh, nobody told me that was illegal. duh.") who continually pass the buck and point fingers of blame. And yes, the Repugs do it best.
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