How would we be doing without Chairman Greenspan's recommendations? I say, at least as well as we are now, and probably better. Members of Congress from both parties more and more are finding that dealing with the oracle of finance is becoming almost impossible. In recent hearings, lawmakers called on Greenspan to offer his thoughts on how large a federal tax cut should be. The chairman begged off by saying that was a congressional matter and that he didn't want to overstep his bounds. You could sense the frustration on Capitol Hill.
Yet with his supposedly wise -- and certainly veiled -- manner of intimidating and condescending, few seem to be willing to take Greenspan to task. So here, Mr. Chairman, allow me to speak for the knowledgeable 18 percent of Americans that want you to step down; for the 32 percent who don't know your name even as they live the unhappy fallout of your policies; and even for those who want you to stay, but can't say why. I'll speak for them all:
Get out. Get out before you lower interest rates again and make it impossible for retirees and those on a fixed income to earn anything at all on what used to be dependable staples of the economy, such as certificates of deposit and money markets.
Get out before you open your mouth again and start to pontificate on the value of companies or the strength of the consumer. Have you ever noticed that every time you speak before a congressional hearing, the stock market drops?
Get out before the dollar is worth less than the peso, or before the last vestige of small business or entrepreneurial spirit is destroyed by your "make money cheap" concept. So far, that tired mantra has made bankruptcy rates soar and the dollar practically deflate.
Mr. Chairman, you were great in your day. But like so many retirement accounts and jobs, that day has come and gone. Another term of your fiscal medicine and our free enterprise may be transferred from intensive care to the mortuary.