Nouriel Roubini takes issue with Alan Greenspan. According to him, Mr. Greenspan's decision to support President Bush's tax cuts was a great, if not the greatest, mistake the Fed Chairman has made.
What I would add is that Mr. Greenspan started making such 'errors' a while back, and one should not ignore the support he lent to President Clinton's economic policies.
Given all these, how safe is it to assume that Mr. Greenspan traded in his institution's independence for longevity? On a different level, how much independence can go against an elected president's economic agenda? I would posit, not much if the Fed were alone against the executive branch.
For the original posting on Mr. Roubini's site, follow this link: What did the Delphic Oracle mean on the current account? Reading Greenspan's Tea Leaves. And a modest appeal to the Chairman to speak up on our reckless fiscal policy.
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