Alan Greenspan is retiring after more than 18 years as the Chairman of the Federal Reserve. Yes, we've all heard the shrouded, bizarre, fiscal mumbling coming from this man for all that time, but this is the first time that he's come out and said it:
(AP Story)
"Outgoing Federal Reserve Chairman Alan Greenspan warned Friday that America's exploding budget deficit and a protectionist backlash against soaring trade deficits could disrupt the global economy."
So, what is it about retirement that liberates even the most skilled political players? Probably because he has a compound in the Cayman Islands. Remember, this was the man that whole-heartedly embraced Bush's wreckless tax cuts.
So, check out the story when you get a chance.
http://news.yahoo.com/...
Habits are hard to break: he still uses cloaked, wishy-washy terms, but these are a bit more pointed than in past speeches.
The money quote:
"In the end," he warned, "the consequences for the U.S. economy of doing nothing [about the budget deficit] could be severe."
Translation: If we don't get off of our butts and fix this mess, we will be in a world of hurt that will make the Great Depression look like a Disney cruise.