The Language of Betrayal

[Brad DeLong]

>  >Clinton, by whatever means, managed to get the Fed to keep interest rates
>>low enough to pump up unemployment (or so it is alleged that the Fed was
>>able to do), something Reagan and Bush failed to accomplish in their
>>relations with the Fed.
>>
>>Why shouldn't Clinton get credit for that?
>>
>>-- Nathan Newman
>
>
>>From what I understand, Treasury Secretary Bentsen basically told Clinton
>that that was the way things were going to go, which is why he threw a
>temper tantrum.

Not just Bentsen and Rubin. It was the consensus of the whole NEC 
that the only option was to go for deficit reduction and lobby 
Greenspan--who believed very strongly that the deficit was a horrible 
thing--to keep interest rates low so as not to undermine the 
deficit-reduction effort. Laura Tyson, Alan Blinder, even Robert 
Reich agreed that there was no better alternative open.


>What I don't understand is why any liberal would defend Clinton after he
>ended welfare as we knew it back in '96.

Neither do I...

Brad DeLong