Maestro Myth

In the 1990’s praise was heaped upon Fed Chairman Alan Greenspan for creating one of the greatest economic booms in U.S. history. It was said he was managing the economy by tweaking interest rates and promoting sound fiscal policy.

Republicans especially loved him and it was Greenspan who was always due the credit, not some tax-and-spend liberal like Bill Clinton.

But interestingly, the maestro of the 90’s boom is still holding the conductor’s baton in one of the weakest economies since the Great Depression.

What happened?

Why doesn’t Greenspan offer the same bold advice to the current administration that he offered to Clinton over 10 years ago? Why haven’t we heard stronger critiques of the outrageous borrow-and-spend habits and the irresponsible tax policy of George Bush?

One answer might be found in a quick survey of those government officials who no longer hold the jobs they had at the beginning of the first Bush term. The lesson is clear: If you cross or disagree or criticize the Bush agenda you will be forced out. No matter who you are. Just ask Colin Powell, Christine Todd Whitman, or Richard Clarke.

There is one thing Greenspan does know about this economy: He knows how to hang on to a job.