A case could be made that Greenspan didn't really turn malignant until "W" took office.

Oh no, 'Bubbles' Greenspan has always been a malignant little toad. Under Ronnie Raygun he pushed for higher payroll taxes and lower marginal taxes. Under Clinton he simultaneously helped block regulation of derivatives and did his best to strangle the recovery with his austerity nonsense. And under Bush the Lesser, he was cheerleading on bubbles and pushing for more deregulation.

He is, bar none, the worst chairman the Fed has ever had. And yes, that includes the Volker chairmanship that killed off half the US manufacturing base.

Which is why it's a little depressing to see him slimed for the one single sound policy decision he has ever made. It's such a target rich environment that there really should be no need for friendly fire.

- Jake

Friends come and go. Enemies accumulate.