Dec 29 2005
Deficits are the Least of Worries
Yet another article questioning the legacy of Greenspan — and U.S. deficits — this one from BBC:
While we are no fans of the Greenspan policy era, we can’t blame the guy entirely. Surely the Fed’s manipulating of rates causes misjudgment after misallocation, leading even to bubbles. But we can’t blame Greenspan or the Fed for the absurd business and tax environment that Congress has created in the U.S., making domestic business operations too costly to be competitive. That is catching up with us, and The Fed is merely aiding and abetting.
