Greenspan before the joint Economic Committee:
“There is a not-insignificant probability that we have already committed under existing law and presumed demographics far more in real resources than we can actually deliver without significantly undermining the very base of the economic system.”
This from the man who once used the term “irrational exuberance” to describe the conditions leading up to the greatest evaporation of wealth ever from the face of the planet. As Dana Milbank said in the WaPo, “That’s the Greenspan equivalent of a primal scream.”
One commenter over at MaxSpeak calls it like this:
The problem for Greenspan is that Bush is not Bill Clinton and Snow is no Rubin. Greenspan is getting negative fiscal help from Bush compared to the postive help AG got from Clinton and Rubin that made Greenspan look good. If Greenspan had responsible fiscal policy to back up his monetary policy, the economy would be better. Instead, the weight of reckless and irresponsible Bush fiscal policy and Bush corruption is dragging Greenspan and his monetary policy down.
Greenspan looks like a tortoise lurching for the curb, hopeful he can make those final few inches to retirement without becoming just another piece of mangled Bushian road-kill. Oh well, if he totally bolloxes the whole thing, there’s always the Medal of Freedom.
(photo thanks to Culture Ghost)