Sunday, August 28


George Will and Cokie Roberts were lavishing praise on Alan Greenspan This Week and his legacy for reigning in inflation during his tenure as chairman of the Federal Reserve when Fahreed Zakaria offered what he called a "mild dissent" -- Fahreed suggested that it has not been Greenspan but in recent years China and India who, with their low prices and labor costs, have exerted a controlling influence on U.S. inflation rates. Fahreed said that the U.S. has traditionally chided western European capitalist states for their inability to "suffer the pain of capitalism," the low cycles that inevitably occur, but that under Greenspan the U.S. has itself financed a wild party by accumulating crushing consumer and national debt, and Fahreed criticized Greenspan's embrace of the Bush tax cuts. Here's the money quote:

"Alan Greenspan has spiked the punch bowl with grain alcohol."


Post a Comment

<< Home