the great complexities of economic behavior. Galbraith (2001) considers Federal Reserve Chairman Alan Greenspan to have an extraordinary theatrical talent -- a statement which makes clear Galbraith's (2001) feeling that Greenspan is in no way the economic genius (let alone the economic savior) that many consider him to be. Galbraith (2001, p. 15) says that "to rely on the Reserve as a remedy for an emerging recession is optimism carried to the point of foolishness."
The balance of his discussion is focused on the fiscal policy of tax reduction, to which he also objects and to his conclusion which links failed economic policies to the rejection of Republican candidates at the polls. He concludes that were there to be a recession and the only remedial action taken by government being Mr. Greenspan's manipulation of the discount rate and a tax reduction that will impact only upon that small class of Americans who do not spend during an economic downturn because they are not required to spend
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