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Alan Greenspan criticizes Bush in memoir

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Source: CCTV.com | 09-17-2007 14:54

Former US Federal Reserve Chairman Alan Greenspan has criticized President George W. Bush in his new book on the Iraq war and the administration's handling of US spending.

Greenspan's memoir "The Age of Turbulence: Adventures in a New World" is scheduled for release on Monday. On the Iraq war, he says "I am saddened that it is politically inconvenient to acknowledge what everyone knows that the Iraq war is largely about oil." On US economy, he says his biggest frustration is the president's unwillingness to wield his veto against out-of-control spending. Bush took office in 2001, the last time the government produced a budget surplus.

Since then, the government has been in the red. In 2004, the deficit swelled to a record 413 billion US dollars. 81-year-old Greenspan ran the Fed for over 18 years and is the second-longest serving chief. Greenspan has long argued that persistent budget deficits pose a danger to the economy.

 

Editor:Yang Jie