Submitted by Jim, Sep 17, 2007 02:10

Perhaps Mr. Greenspan's respect of the independence of the Fed should have been eclipsed by his good sense and respect for the country. He should have spoken out more forcefully against the triumvirate of Bush, Hastert and Delay. Of course, back then even the press didn't do it's job there.

It would help greatly if Mr. Greenspan would explain to us simpleton consumers how inflation at the consumer level, which has been increasing dramatically since 9/11 is not as important as inflation at the producer level. From the Fed perspective, producer inflation may well be more important to monetary policy, however, with consumer spending being the driving force of the overall economy, inflation there, along with subsequent cut backs in spending, could do more than just haunt us in the coming short-term economic event we like to call Christmas.

What can the current Fed Chairman learn from Mr Greenspan's book that he won't in the beige books? Speak up if the Congress and President are endangering the economic well being of the country. Speaking truth to power, while often ignored, puts one on record opposing policy more effectively than writing a book in which one claims to have wanted to do so.

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