Alan Greenspan criticizes Bush's Overspending
It took Bush 7 years to finally put his foot down, and tell Congress to stop overspending.
"The Republicans in Congress lost their way," Greenspan wrote. "They swapped principle for power. They ended up with neither. They deserved to lose."
Greenspan, 81, ran the Fed for 18 1/2 years and was the second-longest serving chief. He served under four presidents, starting with his initial nomination by Ronald Reagan.
The ex-Fed chief writes that he regrets the loss of fiscal discipline under Bush.
"`Deficits don't matter,' to my chagrin, became part of Republicans' rhetoric."
As such, Bush's administration defended their tax cuts, but how can they justify with so much government overspending?
Waiting for his book...
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