When one of your own, a widely respected Republican former chairman of the Federal Reserve, writes a book in which he not only indicts the current White House but the very party he belongs to, it raises eyebrows -- or, it ought to. Alan Greenspan, 81, has written that book, and it goes on sale tomorrow.

Greenspan has arguably been the most successful American public official of the past three decades. "In terms of supporting economic growth and preventing inflation, Greenspan is the best, bar none," says Mark Zandi, chief economist at Moody's Economy.com

In "The Age of Turbulence: Adventures in a New World," published by Penguin Press, Greenspan criticizes both congressional Republicans and President George W. Bush for abandoning fiscal discipline. He received a massive $8 million advance for the book. Because of Greenspan's stature, it's sure to be an international bestseller, but even before the book's official release advance copies have already reached critics.

Speaking of critics, this book is sure to create many new ones for Alan Greenspan. Any time either Republicans or Democrats are perceived to have turned against their own, it brings out the attack dogs. However respected he may have been by conservatives before this, Greenspan's star is sure to fall now. He will be criticized not for his opinions about Bush, Reagan, Clinton, and the war in Iraq, but in delayed hindsight for his policies and the job he did as Federal Reserve Chairman. What he had been praised for until now, he will be vilified for from this day forward. That's the nature of the political beast. Loyalty always above reason.

Greenspan, who worked with 6 presidents, makes some shocking revelations. I caught wind of the story on Drudge Report yesterday and was so blown away by the fact that it took more than 12 hours for FOXNews to mention what Drudge had reported on earlier in the day. Twelve hours may not sound like much time, but normally, when Drudge highlights (in red, as he sometimes will) breaking news on his site, which receives more traffic (14 million visitors yesterday alone) than FOXNews.com itself, the rest of the mainstream Internet media almost always follows suit within an hour. Now, almost 24 hours after Drudge first reported on the book, FOXNews.com posts just a small mention, and the story they link to reveals next to nothing about the book. It says nothing about Greenspan's remarks about President Bush, President Clinton, or Presidents Reagan or Nixon (with whom he also worked).

Drudge Report...


And FOXNews.com...


I was surprised and overjoyed that President Clinton and Greenspan shared what Greenspan seems to describe as a respectful, effective working relationship. That's the way it should be. That's what I want to see. I want to see intelligent people overcoming their differences to work toward common goals, in this case the long-term health of the economy. Greenspan, who refers to Clinton and Nixon as the two most intelligent presidents he worked with, seems to have admired the former president's "political courage" for tackling the deficit so early in his administration. And Greenspan, like the rest of us, was deeply disappointed in the former president over the Monica Lewinsky affair.

Highlights

Calls himself a "lifelong libertarian Republican."

Calls President Bush's failure to veto spending early in his administration "a major mistake."

Writes, "I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil."

Republicans in Congress "swapped principle for power. They ended up with neither. They deserved to lose."

Ronald Reagan's ability to instantly tap one-liners and anecdotes in support of a particular policy represented an "odd form of intelligence."

Describes Bill Clinton as "a fellow information hound" with "a consistent, disciplined focus on long-term economic growth" whose relationship with Monica Lewinsky "made me feel disappointed and sad."

Rising income inequality could undo "the cultural ties that bind our society" and even lead to "large-scale violence."

Sources: Wall Street Journal, The Age

TAGS: Economy, Business, Finance, Greenspan, Conservative, Republican