No. Not really. This admission (Greenspan admits tax cut error) should have come in September or October of 2004–PRIOR TO THE FUCKING ELECTION. BAH! Read on:

US Federal Reserve chairman Alan Greenspan has admitted he made a mistake in 2001 when he defended President George Bush’s controversial tax cuts.

The tax cuts led to the turnaround of a large budget surplus at the end of the Clinton presidency to a budget deficit this year of more than $US400 billion ($A506 billion).

Instead of a projected surplus of $US5.6 trillion by 2011, a deficit of $4 trillion is expected if Mr Bush gets his way and the tax cuts are made permanent. They are due to expire in 2008.

Mr Greenspan’s defence of the tax cuts was always viewed as highly unusual for a Reserve chairman who is mandated to be non-political and whose major responsibility is to determine interest rates and help keep inflation in check.

And who, exactly, thought this was a good idea, anyway? Umm, the RICH people, that’s who. I love this bit:

Under vigorous questioning by Democrat Senator Hillary Clinton, Mr Greenspan, looking uncomfortable, said he had been mistaken in his view about ever-increasing surpluses.

“We were confronted at the time with an almost universal expectation amongst experts that we were dealing with a very large surplus for which there seemed to be no end,” he said.

“I look back and I would say to you, if confronted with the same evidence we had back then, I would recommend exactly what I recommended then. Turns out we were all wrong”.

“Not all of us,” said Senator Clinton.