AP: Ex-Fed Reserve's Alan Greenspan says "the Iraq war is largely about oil"

By Tim Shipman in Washington
Last Updated: 3:18pm BST 15/09/2007

He adds: “With George Bush came the tax cuts, unmatched by decreased spending, and, in the wake of September 11, still more open- handed spending,” something he brands “a major mistake”.

“My biggest frustration remained the president’s unwillingness to wield his veto against out-of-control spending,” he writes.

“‘Deficits don’t matter,’ to my chagrin, became part of the Republicans’ rhetoric. The Republicans in Congress lost their way. They swapped principle for power. They ended up with neither. They deserved to lose.”

Without elaborating, he also observes: “I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.”