When he was Fed chairman, Alan Greenspan was almost a cult figure, with the media treating every pronouncement as a gem containing great wisdom. His status is somewhat lower now that is apparent that his incredible mismanagement of the economy has given us the worst economic crisis since the Great Depression.

This raises the issue of why the media, or anyone else, should care that Alan Greenspan now thinks that it would be a good idea to let the Bush tax cuts lapse in their entirety. Those who care about such trivia may recall that Mr. Greenspan had originally been an important advocate of these tax cuts. His stated reason was that he was concerned that the government would pay off its debt too quickly.

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