Alan Greenspan (Mark Wilson, 2006 Getty Images )
Alan Greenspan Bashes Bush
More on the 60 Minuets Interview's
WASHINGTON (AP) - In his new book, former Federal Reserve Chairman Alan Greenspan bashes the Republican party and President Bush over spending.
He points to the growth of the budget deficit since 2001 and says Republicans in Congress "lost their way." He also criticizes the president for not responsibly handling the nation's spending.
Greenspan has long argued that persistent budget deficits pose a long-term danger to the economy. At the Federal Reserve, he repeatedly urged Congress to put in place a budget mechanism that requires new spending increases or tax cuts be offset by spending reductions or tax increases.
He testified during a Senate Foreign Relations Committee hearing about U.S. dependence on oil Capitol Hill June 7, 2006. Greenspan warned that even though the U.S. economy has absorbed rising energy prices so far, it was beginning to be affected by the high coat of crude.
Greenspan ran the Fed for more than 18 years -- the second longest-serving chairman. In his book he opens up about the six presidents he knew and worked for.
In a 60 Minuets interview he was asked if he thinks Hillary Clinton can handle the presidency, Greenspan says, "Certainly. I think she's unquestionably capable. The question is she the best person for the job?"
President Clinton was the only Democrat Greenspan served under. In the interview he said he was the smartest. "Even though I clearly was a Republican, I had to admit he was an extraordinarily effective president."
He describes himself as a "libertarian Republican." His memoir, called "The Age of Turbulence: Adventures in a New World," is set for release Monday.
Associated Press
Alan Greenspan Bashes Bush
