AN INDIRECT ADMISSION

Alan Greenspan, the Great Bubble Creator, is an a documentary about this mess that will be shown on CNBC and the NYT reports on some of the things he has to say. I found this comment to be of particular interest:

Mr. Greenspan said that if he had taken steps to prevent the crisis, the outcome would have been painful.
“We could have basically clamped down on the American economy, generated a 10 percent unemployment rate,” he said. “And I will guarantee we would not have had a housing boom, a stock market boom or indeed a particularly good economy either.”

This statement seems to imply that the Bush economy was based upon the Housing Bubble as opposed to the tax cuts. This is a serious attack on the wingnut delusion about the efficacy of tax cuts and I hope that word spreads.

Uncle Al says a few other things that a reasonably well-informed person can argue with and I hope to get a transcript of the documentary so I can carefully go over his claims.