“I think its frankly unfair” for critics to blame him for the fact that Congress chose to “read half my testimony and discard the rest,” Greenspan said, venting his frustration on the issue publicly for the first time, in response to a question from Sen. Paul Sarbanes (D-Md.).
Sarbanes chided the Fed chief that he is well aware of how Congress works, and he should have known lawmakers might not heed all his cautions.
Sarbanes said he believed it was “fair” for lawmakers to see Greenspan’s 2001 remarks “as a green light to the tax cuts,” which were enacted without any triggers.
“I plead guilty to that,” Greenspan said. “I did not intend it that way.”
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Mr. Greenspan just fell off the turnip truck! He can’t be expected to know the way things work in Washington.
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