Axis of Right

Three Native Rhode Islanders Commenting From the Right on Politics and Anything Else

Archive for September 16th, 2007

Alan Greenspan Speaks Out

Posted by Ryan on September 16, 2007

Former Fed Chairman Alan Greenspan apparently has a few choice things to say about the Iraq War, Republicans and President Clinton in his new book “The Age of Turbulence: Adventures in a New World.”  He believed that among other things, the Iraq War was partially waged to secure that country’s oil supply.  I get a little frustrated with those that incessantly express that war for oil is somehow dishonest or bad.  We can’t yet run our cars, factories or make plastics out of good will and pixie sticks, so until then, cheap free-flowing oil is absolutely in our nation’s best interest.  Look what happened to Jimmah Carter when he didn’t act on securing our oil supplies.  There were a hundred reasons for taking Saddam out.  If that was one of them, so be it– just another check on a long list of reasons why that guy had to go. 

Also, I absolutely agree with Greenspan that Republicans got drunk with power, ignoring the philosophical reasons people voted for them, and that President Bush acted irresponsibly by not vetoing the huge spending bills that the Republican Congress sent him.  Greenspan also defended his actions during the Clinton years during the lead up to the devastating tech bubble, which eventually led to the short 2001-02 recession.  These are just a few headlines from the book that the critics have already read and thought newsworthy. 

I once learned in college that many of the principles and formulas that Greenspan used and believed in were debunked during the stagflation of the 1970s, yet his stewardship of the Federal Reserve is admired.  Was he lucky to be Chairman during a particularly easy time to have that job, during the 1980s and 1990s booms, or was he partially responsible for those booms?  Either way, he is definitely an important voice from the last 25 years of American economics.

Posted in Culture, Politics, The Iraq Front | 12 Comments »