Thursday, February 5, 2009

Greenspan's Fraud

From Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy by Thom Hartmann:

Former Bush Junior Treasury Secretary Paul O'Neill recounts how Dick Cheney famously said, "Reagan proved deficits don't matter." Cheney was either ignorant or being disingenuous - it would be more accurate to say, "Reagan proved that deficits don't matter if you rip off the Social Security Trust Fund to pay for them, and don't report that borrowing from the Boomers as part of the deficit."
Ravi Batra's book "Greenspan's Fraud" is not only required reading for all Americans because it so clearly lays out the crimes this man - and the Republican Party - have committed against the United States of America, but also because it's such a brilliant primer in macroeconomics overall. If you never were able to figure out, for example, what interest rates had to do with unemployment, or how the rich get richer in America while the poor get poorer, or why when the minimum wage is increased the economy gets better, Batra explains it all with elegance, wit, and comfortable clarity.

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