Krugman on Greenspan

Like Paul Krugman I cannot forgive Alan Greenspan for selling the Bush tax cuts while warning America about paying down the deficit too fast.

While I admit that the economic stewardship of President Bush has indeed been a competent solution to worries about a freedom from debt, and I further admit that the Presidential tax-cuts have been so effective that there is absolutely no danger at all now that the deficit will be paid down too fast, I argue that the debt will become an anchor around opportunity's neck, dragging students out of schools, services out of communities, and healthcare away from Americans.

My understanding is that the role of the central bank (aka "The Fed") is to maintain the debt levels as high as possible, but not so high that interest payments to the investors (such as the Rockefeller's and the Communist Chinese) cannot be made.

In light of this understanding, Mr. Greenspan's warnings and actions have made perfect sense, although he may have bit off more debt than America can eschew with his backing of Republican economics.

In light of this understanding, it also makes perfect sense why the mouthpieces for the mega-rich (aka Republicans) were railing against Greenspan when the debt was going down under Democrats, but are largely silent now that it has been brought to record-setting levels.

So, given my understanding, you may perhaps forgive me if I view Alan Greenspan as a traitor to America's young, a deliverer of debt, and a selfish human being.

Unlike me, Mr. Krugman maintains civility and here is what he has to say on Mr. Greenspan's career:

Greenspan and the Bubble