Greenspan Book Criticizes Bush And Republicans

( WSJ ) - In a withering critique of his fellow Republicans, former Federal Reserve Chairman Alan Greenspan says in his memoir that the party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles.

In "The Age of Turbulence: Adventures in a New World," published by Penguin Press, Mr. Greenspan criticizes both congressional Republicans and President George W. Bush for abandoning fiscal discipline.

The book is scheduled for public release Monday. The Wall Street Journal bought a copy at a bookstore in the New York area.

Mr. Greenspan, who calls himself a "lifelong libertarian Republican," writes that he advised the White House to veto some bills to curb "out-of-control" spending while the Republicans controlled Congress. He says President Bush's failure to do so "was a major mistake." Republicans in Congress, he writes, "swapped principle for power. They ended up with neither. They deserved to lose."

Many economists say the Fed, by cutting short-term interest rates to 1% in mid-2003 and keeping them there for a year, helped foster a housing bubble that is now bursting. In his book, which was largely written before much of the recent turmoil in credit markets, Mr. Greenspan defends the policy. "We wanted to shut down the possibility of corrosive deflation," he writes. "We were willing to chance that by cutting rates we might foster a bubble, an inflationary boom of some sort, which we would subsequently have to address....It was a decision done right."

He attributes the housing boom to the end of communism, which he says unleashed hundreds of millions of workers on global markets, putting downward pressure on wages and prices, and thus on long-term interest rates.

Mr. Greenspan retired in early 2006 after 18 years as chairman of the Federal Reserve. He had served under six presidents as either Fed chairman or adviser. He now runs a private consulting company; his only formal public role is adviser to British Prime Minister Gordon Brown.

Azerbaijani police forces find ammunition left by Armenia in Gubadly, Jabrayil districts (PHOTOS)
Azerbaijani police forces find ammunition left by Armenia in Gubadly, Jabrayil districts (PHOTOS)
Azerbaijan shows footage from Fuzuli's Gorazilly village (VIDEO)
Azerbaijan shows footage from Fuzuli's Gorazilly village (VIDEO)
Consuls General of Azerbaijan and Turkey meet Pakistani American community leaders (PHOTO)
Consuls General of Azerbaijan and Turkey meet Pakistani American community leaders (PHOTO)
Loading Bars
Latest
EU companies choose Azerbaijan for business - minister of economy
Turkey reveals Jan.2021 volume of cargo shipment via local ports from Egypt
Iran working to increase propylene production
Azerbaijan's Nakhchivan increases number of new-generation Internet cards
Georgian company to register Domestic Dairy Union
Azerbaijan discloses share of long-term loans in construction sector for Jan.2021
Turkish-made steel in great demand in Afghan construction market
Number of Azerbaijani farmers receiving subsidies for 2020 autumn cropping revealed
Iran's non-oil exports decrease year-on-year
Governor of Central Bank of Iran praises achievements amid coronavirus
Iran discusses frozen assets in South Korea
Iran's private sector to collaborate with defense industries
Central Bank of Iran expresses concern for potential inflationary impact of budget bill
Women's Day: Indian state sets up special 'females only' vaccination centres
First ever Indo-Bangladesh river bridge to connect Northeast India with a sea
UK's Global Data predicts growth in Azerbaijan's construction sector for 2021
Numerous social, household facilities being built in Turkmenistan
Azerbaijan discloses banks' demand at foreign exchange auction
Methane emissions to draw additional operational attention in Europe - IGU
TAP to allow gas to positively contribute to decarbonisation path – IGU
Turkmenistan names number of meetings held since beginning of year
Turkey's revenues from steel export to France grow in 2M2021
Azerbaijan's TFM-SMART PROJECT LLC wins tender on reconstruction work in Baku
Azerbaijani police forces find ammunition left by Armenia in Gubadly, Jabrayil districts (PHOTOS)
Azerbaijan, EU discussing results of business environment report
SOCAR-KBR’s plans for Umid-2, Karabagh, Absheron projects revealed
SOCAR-KBR nears finalization of detailed engineering for ACE platform
Modern approaches in agriculture bring more income to Georgian farmers
Power plant under construction in Iran’s Noshahr County
Kazakh-Chinese company opens tender to buy spares
China launches COVID-19 vaccination certificates for cross-border travel
United Arab Emirates attracts corporate billions to climb tax haven ranking
Turkey, Georgia eye simplification of operations for electricity import and export
Georgia reports 139 new cases of coronavirus for March 9
Azerbaijan discloses number of COVID-19 vaccinated persons in Naftalan city
Turkey raises export of chemicals to Azerbaijan
Iran prepares program to increase potential of cargo transportation via railway
First foreign trip in 15 months, PM Modi to visit Bangladesh on March 26
Turkish Energy Ministry prolongs Shell, Turcas Petrol's licenses for oil, gas exploration
Women deployed aboard Indian Navy warships after almost 25 years
44 companies given FDI approvals for joint production of defence items with foreign companies: Naik
Number of COVID-19 vaccinated people in Azerbaijan continues to grow
Georgia decreases imports of Turkish-made steel
Georgia opens air communication with Turkmenistan
Azerbaijan's export to France lowers in value terms from early 2021
Armenia decides to terminate powers of UNICEF representative in country
Iran's Economic Council approves several plans
Kazakhstan increases imports of UAE-made goods in 2020
Google to support 1 million women entrepreneurs in rural India
FMs of Turkey, Uzbekistan sign co-op program for 2022-2023
Navy, Army and IAF finally agree to procure armed drones from US in $3 bn deal
Turkey shares Jan. 2021 data on cargo movement via Botas port
Azerbaijan ranks first in Georgia’s electricity imports - analyst
Housing prices surge in Kazakhstan
Kazakhstan boosts trade with Afghanistan
Uzbekistan’s export of tomatoes significantly increases
Establish of joint industrial town with Azerbaijan - achievement of Iran's economic development
Kazakhstan's KazTransOil reports increase in net profit for 2020
Uzbekistan, Iran talk prospects for dev’t of trade, economic relations
Uzbekistan increases flights to Kazakhstan
Ceyhan terminal transships over 38 million tons of ACG oil since early 2021
SHELL & TURCAS PETROL A.S. reduces petroleum products’ sales in Turkey
Azerbaijani oil prices up
Azerbaijan IT company eyes co-op with banking sector
Gold price in Azerbaijan decreases
Turkmennebit opens tender for purchase of spare parts
Turkey releases 2M2021 data on cargo, passenger traffic at new Istanbul Airport
Kazakhstan's Air Astana opens tender to buy batteries
Pellet plant put into operation in Iran's Yazd Province
BP PETROLLERİ A.S. boosts jet fuel exports
Khazar Consortium opens tender for batteries purchase
Switzerland nearly doubles imports of Azerbaijani products
U.N. envoy in Doha to push on Afghan peace process
IsDB, IRTI, and ADB Co-host GVC Side-event at 52nd Session of UN Statistical Commission
Latvia eyes intensification mutually beneficial co-op with Uzbekistan
Iran's Bank Refah Kargaran unveils amount of issued loans
Azerbaijan shows footage from Fuzuli's Gorazilly village (VIDEO)
Consuls General of Azerbaijan and Turkey meet Pakistani American community leaders (PHOTO)
Uzbekistan reveals its COVID-19 data for March 9
Big investments made in Iran's industrial sector
Iranian currency rates for March 9
Azerbaijani currency rates for March 9
Iran to provide water for more villages in seven of its provinces
Iran's Securities and Exchange Organization calls to solve cryptocurrency issue
Oil prices rise on expected economic recovery, likely drawdown in oil stocks
Iran bans travels to some cities due to COVID-19
WHO supportive of electronic vaccination certificates — department chief
Italy's coronavirus deaths top grim milestone of 100,000
Estonia introduces strict one-month quarantine from March 11
EFSE sets to deepen engagement with Georgian financial institutions
Israel reports 3,130 new COVID-19 cases, 804,591 in total
WHO calls for strengthening women's leadership during COVID-19
Number of new COVID-19 cases in Spain continues to fall
PayPal buys Israeli cyber security company
France reports 359 new COVID-19 deaths, ICU admissions hit new high
EU to receive 100 mln vaccine doses per month from April: von der Leyen
Canada set to mourn COVID-19 victims, salute health workers on March 11
UK PM says higher risk of virus transmission "inevitable" as schools reopen in England
Finnish researchers develop nasal spray COVID-19 vaccine
Germany starts easing COVID-19 lockdown
All news