09 March 2005


Alan Greenspan has been confusing the heck out of me by publicly endorsing Bush administration madness. Brad DeLong explains what's going on.
I am not terribly surprised that Greenspan has not been helpful ---- according to my lights of helpful --- on fiscal policy. For Alan Greenspan is three-faced. He is:
  1. The superb monetary policy technocrat
  2. The Randite --- the long-time disciple of Ayn Rand --- who believes that in a good society government spending would be less than 5% of GDP.
  3. The Republican team player.
The Greenspan we saw for the most part in the 1990s was the superb monetary technocrat ...
A child of the '90s, I thought that #1 was really #1, and forgot that the other two were at least as important to him, if not more. I'll not make that mistake again.

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