Greenspan: Republicans deserved to lose

Sept. 14, 2007 at 9:43 PM
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WASHINGTON, Sept. 14 (UPI) -- Former U.S. Federal Reserve Chairman Alan Greenspan has joined the ranks of Republicans blasting his party under the leadership of President George W. Bush.

Greenspan's memoir, "The Age of Turbulence: Adventures in a New World," is due out Monday. Greenspan describes advising Bush to veto some spending bills passed by the Republican-controlled Congress, and says Congressional Republicans “swapped principal for power,” The Wall Street Journal reported.

“They ended up with neither,” Greenspan writes.

He said he “indulged in a little bit of fantasy” when Bush selected Dick Cheney as his vice president and then appointed Paul O’Neill as treasury secretary, that this might be the second Gerald Ford administration. But he said Bush’s government was far more political than Ford’s.

"Little value was placed on rigorous economic policy debate or the weighing of long-term consequences," he writes.

Ford, who was never elected to national office, "was as close to normal as you get in a president,” Greenspan said. He describes Bill Clinton as “a fellow information hound” and says Ronald Reagan had “an odd form of intelligence.”

Nixon was highly intelligent but also “sadly paranoid, misanthropic and cynical."

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