The Upcoming Housing Boom

WASHINGTON (AP) -- Former Federal Reserve Chairman Alan Greenspan, in his upcoming book, bashes President Bush for not responsibly handling the nation's spending and racking up big budget deficits...

"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan wrote.

Bush took office in 2001, the last time the government produced a budget surplus. Every year after that, the government under Bush has been in the red. In 2004, the deficit swelled to a record $413 billion.

"The Republicans in Congress lost their way," Greenspan wrote. "They swapped principle for power. They ended up with neither. They deserved to lose."

Wow!!! Just recently I stated it would not surprise me if the Department of Treasury kills Bush. Now we have the former head of the Federal Reserve bashing Bush. The massive amount of treasury notes that need to be printed to cover the Bush deficit is about to send borrowing cost through the roof at a time we need to lower them. It don't matter what the intra-bank loan rate is.

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