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Hacking at Greenspan
The Wall Street Journal ^ | 03/07/05 | WSJ

Posted on 03/07/2005 5:34:54 AM PST by Brilliant

One phrase that no Member of Congress should ever use lightly is "political hack." The ironic possibilities are too rich. So we weren't sure whether to laugh or cry last week when Senator Minority Leader Harry Reid called Federal Reserve Chairman Alan Greenspan "one of the biggest political hacks in Washington."

Mr. Greenspan's sin had been to suggest, in answer to questions posed by Members of Congress, that he favors personal investment accounts for Social Security. He couched his endorsement in his usual jargon and caveats, but he clearly touched a political nerve. Liberal pundits fired their air rifles, and such House Democrats as Rahm Emanuel and Nancy Pelosi declared that Mr. Greenspan had jeopardized Fed independence. Translation: Shut up, or you'll get the Ashcroft treatment.

Coming from Mr. Emanuel this is especially ironic, since he was part of a Clinton Administration that invoked the Fed chief at every opportunity. The 1993 tax increase would never have passed both houses of Congress by a single vote if not for the endorsement that Mr. Greenspan gave it as "deficit reduction." Then he was a sage; now he's a hack.

The truth is that Mr. Greenspan was only saying what he has long believed about Social Security. Like almost everyone he thinks the current pay-as-you-go system is unsustainable, and he also believes that a system of investment accounts, which can build assets over time, would be an improvement if done properly...

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: emmanuel; greenspan; pelosi; reid; socialsecurity
The more Reid flaps his gums the more he looks like a stupid version of Tom Daschle.
1 posted on 03/07/2005 5:34:55 AM PST by Brilliant
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To: Brilliant
...Liberal pundits fired their air rifles, and...

S/B Liberal pundits fired their spit balls, and...

2 posted on 03/07/2005 5:46:34 AM PST by Red Badger (The South seceded over refusal to end slavery. Blue states want to secede for the same reason......)
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To: Brilliant

We can hope...


3 posted on 03/07/2005 5:48:54 AM PST by bill1952 ("All that we do is done with an eye towards something else.")
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