26 July 2003

Dropping the Bonds:
"Their theory goes like this: Mr. Greenspan must know that his legacy is in tatters _ at the rate things are going, history will remember him not as the maestro of the new economy, but as an accomplice in America's descent into debt. For his own self-esteem, he has to believe that things will somehow turn out all right. Thus his sudden, destructive outbreak of optimism.

It's only a theory. What isn't a theory is that Mr. Greenspan has a lot to answer for."

I know Krugman's comments are specific to Greenspan and that the chair of the US Federal reserve is not strictly a member of the administration, but I have to ask how many senior Bush advisers are driven by the same mentality? To keep smiling no matter what in the face of the Iraq disaster?

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