Berkeley CSUA MOTD:Entry 48070
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2025/07/10 [General] UID:1000 Activity:popular
7/10    

2007/9/14-22 [Politics/Domestic/California, Politics/Domestic/President/Bush] UID:48070 Activity:low
9/14    Another radical leftist on Bush's economic policies:
        http://www.csua.org/u/jj5
        "Little value was placed on rigorous economic policy debate or the
        weighing of long-term consequences," Greenspan writes of the Bush
        administration.
        Greenspan said he unsuccessfully urged the White House to veto
        "out-of-control" spending bills while the Republicans controlled
        Congress. Republicans "deserved" to lose control of Congress in last
        year's election because they "swapped principle for power," he said.
        \_ Who are you baiting?  I don't recall anyone here being an ardent
           proponent of high spending.
           \_ There sure are (were?) a lot of pro-war pro-spending folks
              posting a few years ago. Nice if they all had a change of heart.
              \_ You're confusing pro-war with pro-spending.  I was appalled
                 when Bush's first action in 2001 was to do an across the
                 board increase to every federal budget.  I'm still anti-tax,
                 anti-spending.  That has no relation to my opinions on the
                 war which is a foreign policy decision, not an economic or
                 political one (for me).
                 \_ You think the war is free?
                    \_ Don't strawman, of course it isn't.  It also isn't a
                       "spending" decision as I explained.
                       \_ It's not a spending decision, it's just a decision
                          which requires spending!  As much spending as all
                          our other decisions combined!  Right!
                          \_ Snarky was cute in HS.  If you have something
                             worth saying I'll gladly discuss it further with
                             you but if all you've got is snarky one liners in
                             response to my serious explanations then don't
                             bother.  Snarky is no longer a successful debate
                             tactic at this stage of life.
                             \_ You don't have a serious point.  "war is a
                                policy decision, not a spending one" is
                                tautological and meaningless.  Whether to
                                embargo Cuba is a policy decision; whether
                                to go or war or not is a spending decision.
                                \_ Well, going to war without cutting anything
                                   else is certainly an interesting spending
                                   decision...
                                   \_ Oh they cut things.  Taxes for one.
                                      \_ Well, duh... CUTTING TAXES INCREASES
                                         REVENUES DIDN'TCHAKNOW
                       \_ No, it is not a "strawman" to point out that starting
                          wars costs money. It is kind of willfully blind to
                          pretend that it does not.
                          pretend that it does not. Would you support starting
                          a war that had a moderate foreign policy gain if it
                          cost $10T? $100T? Of course cost considers into the
                          decision.
2025/07/10 [General] UID:1000 Activity:popular
7/10    

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Cache (4845 bytes)
www.csua.org/u/jj5 -> news.yahoo.com/s/nm/20070915/bs_nm/greenspan_book_rates_dc_4;_ylt=Aiu9iDMcvSr1PhHF1F_l_2cE1vAI
Reuters Greenspan criticizes Bush policies in memoir By Mark Felsenthal 2 hours, 39 minutes ago WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan criticizes President George W Bush's administration in his memoir for putting political imperatives ahead of sound economic policies, The Wall Street Journal reported on Friday. Click Here Under Bush, the "political operation was far more dominant" than in the White House of former President Gerald Ford, whom Greenspan served as a top economic adviser, the former Fed chief said, according to the paper. The Journal said it bought the book in a New York bookstore. "Little value was placed on rigorous economic policy debate or the weighing of long-term consequences," Greenspan writes of the Bush administration. Greenspan said he unsuccessfully urged the White House to veto "out-of-control" spending bills while the Republicans controlled Congress. Republicans "deserved" to lose control of Congress in last year's election because they "swapped principle for power," he said. Greenspan's congressional testimony in favor of tax cuts during the early part of the Bush administration has been criticized by some for giving the green light to Congress to approve the president's fiscal policies. The former Fed chief has subsequently said Congress ignored his recommendations it accompany any substantial tax cuts with safeguards to protect against future deficits. Looking at the future of the US economy, Greenspan ominously forecasts that if the Fed is to keep the inflation rate between 1 percent and 2 percent in coming years it may need to force interest rates into double digits. But Greenspan said he feared the Fed would face "populist resistance from Congress, if not from the White House" to its policy of maintaining price stability. He said if the Fed succumbed to that pressure, the inflation rate could rise to an average of 4 percent to 5 percent by 2030, and 10-year Treasury yields would rise to at least 8 percent with the potential to go "significantly higher for brief periods," according to the report posted on the newspaper's Web site. OFFERING A DEFENSE The former Fed chief said that as the process of increasing globalization slows, inflation pressures will reassert themselves. He points to recent increases in the prices of US imports from China and a rise in long-term interest rates as signs "the turn may be upon us sooner rather than later." Greenspan, now 81, was chairman of the US central bank from August 1987 until January 2006. He was the second-longest serving chairman in the Fed's 93-year history. His deft handling of the 1987 stock market crash and international debt crises of the 1990s, and his role in guiding the economy through its longest expansion on record, helped establish his sizable reputation. A book about him by Washington journalist Bob Woodward was entitled "Maestro." The native New Yorker, whose owlish demeanor and cryptic utterances appeared simultaneously to bewilder and impress congressional, financial and public audiences, managed to achieve a type of intellectual celebrity status rare in American public life. At the same time, Greenspan's policies have been criticized by some for inflating the dot-com and housing bubbles. Critics say a long period of low interest rates in the early part of the decade laid the foundation for current problems in housing and credit markets -- problems Greenspan's successor at the Fed, Ben Bernanke, is grappling with. Greenspan defends his policy course in the book, the newspaper said. "We wanted to shut down the possibility of corrosive deflation," he wrote. "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." The release of Greenspan's book comes just ahead of a Fed meeting on Tuesday that is the most closely watched of Bernanke's relatively short tenure. The Fed is expected to lower the benchmark federal funds rate by at least a quarter-percentage point from 525 percent to help the economy shake off a prolonged housing downturn and credit-market turbulence. The book makes scant mention of Bernanke, the paper reports, except in a photo caption in which Greenspan says, "I was very comfortable leaving the post in the hands of such an experienced successor." Alan Greenspan speaks at Book Expo America in New York June 1, 2007. Greenspan criticizes President George W Bush's administration in his memoir for putting political imperatives ahead of sound economic policies, The Wall Street Journal reported on Friday. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.