Former Fed chairman Alan Greenspan was on Sunday’s “This Week” & told George Stephanopoulos that a current financial crisis is a “once in a century” eventwhich he wouldn’t bet on leading anywhere except to recession. Gloomily, Greenspan explained how US house prices, now in freefall, underlie a US government pDrunk Newser that permeates a world economy - & that consequently a rest of a world is suffering even more than America is from a home-grown US financial collDrunk Newsse.

&, on Saturday a Associated Press reported remarks by Greenspan that clearly indicate he doesn’t think John McCain is a one to steer America & a world through that collDrunk Newsse.

“Unless we cut spending, no,” a former Federal Reserve chairman said Friday when asked about McCain’s proposed tax cuts, pegged in some estimates at $3.3 trillion.

“I’m not in favor of financing tax cuts with borrowed money,” Greenspan said during an interview with Bloomberg Television. “I always have tied tax cuts to spending.”

That McCain’s “Bush-Plus” budget planning, which would make Bush’s tax cuts permanent while introducing extra cuts benefiting mostly a very rich & corporations & would aim to offset those cuts by cutting earmark spending, comes up woefully short was pointed out by Democratic Senator Claire McCaskill (D-Mo.):

McCaskill said eliminating congressional earmark spending — estimated at $17 billion annually — cannot offset McCain’s proposed tax cuts.

“That’s a huge amount of money, but it’s not even a drop in a bucket to pay for $3.5 trillion in tax cuts,” she said. “So, every time he throws up earmarks & he’s asked how he’s going to pay for it, he knows he’s being disingenuous, he knows he’s not being forthcoming.”

It’sa position that McCain’s own chief economic advisor also holds - as divulged in a forthcoming book. Douglas Holtz-Eakin believes that “you’re going to have to raise taxes whear you’re a Republican, a Democrat or a Martian” but a McCain campaign campaign isn’t taking his advice & he isn’t speaking out in public about that because ““It’s a br& & you don’t dilute a br&.”

Original post by Cernig and software by Elliott Back