Irrational Exuberance
Former Federal Reserve Chairman Alan Greenspan was intelligent enough to come up with amusing soundbites, but not so smart as to realize that the consequence of keeping interest rates artificially low would be the mother of all debt binges.
So let’s thank our lucky stars that we have President Obama and his fiscally responsible ways.
Whoops. Drinking the Kool-Aid for a moment, there. Good job the non-partisan Congressional Budget Office remains sober, though: it will soon release its projection for this year’s budget deficit.
The figure is expected to be around $2,000,000,000,000.
That’s a fourfold increase from the $500 billion deficit left by the Bush administration.
But this is different, you say?
Of course it is.
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