The highly respected former chairman of the Federal Reserve, Alan Greenspan, launches a harshly critical attack on President George W. Bush’s economic competence in his memoir published tomorrow.
While his declaration that America’s prime motive for the Iraq war was oil will set off one political storm, his onslaught against Republican fiscal mismanagement will cause another, just as the economy becomes a big issue in the primary election campaign.
Greenspan’s 531-page book will do little to restore faith in the Bush administration’s claims of economic proficiency at a time when the markets are deeply unsettled. He has harsh words for Bush, the vice-president, Dick Cheney, and the Republicans over their big spending and lack of financial discipline. They are contrasted with former president Bill Clinton, whom Greenspan clearly admires.