Yahoo! News - Greenspan Defends Himself on '90s Bubble

The article describes a speech that Greenspan gave defending his Clinton era Federal Reserve policies. I can't understand why the Federal Reserve Chairman would have to explain why he stewarded the economy to its greatest expansion ever.

A theory: FOXNews, Bush's spin doctors, et al need a way to make Dubya's record on the economy seem not so bad. Step one is to discredit the economic progress of the '90's as "irrational exuberance". Basically say that, "If the economy had not burned that hot then, it would not have been so cold during the first 3/4's of the Bush administration." Step two is to get your corporate buddies to start hiring and saying, "Boy those tax cuts sure are letting us hire more people. Maybe if they have jobs they'll have more kids to pay off the deficits we are running up." Step three...

Reelection.

Get ready for "Four More George".