http://www.nytimes.com/2004/12/02/opinion/02friedman.htmlThe 9/11 Bubble
By THOMAS L. FRIEDMAN
The Washington Post had a story on Monday that contained possibly the greatest hint to a sitting cabinet secretary to start looking for another job that has ever been printed. The article reported, "One senior administration official said Treasury Secretary John W. Snow can stay as long as he wants, provided it is not very long."
Provided it is not very long!
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This is a time when we really need a strong Treasury secretary capable of speaking up for fiscal sanity. We are about to embark on a 10-year period in which recent tax cuts and runaway spending are expected to add $5 trillion to the cumulative deficit. In my lifetime we will have gone from the Greatest Generation to the Profligate Generation to the Bankrupt Generation. Yes, I'm talking to you 20-year-olds. President Bush has called for sacrifice - but not by his generation. He's passing the bill onto your generation.
"The 9/11 crisis has been used as a license to spend and cut taxes rather than to set priorities and focus our resources on what is critically important to our nation's security," said Robert Hormats, vice chairman of Goldman Sachs International.
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There have been lots of strong Republican and Democratic Treasury secretaries in recent years: George Shultz, Nick Brady, Jim Baker, Bob Rubin, Larry Summers. But right when we really need one with common sense and the will to set priorities, all indications are that this White House is looking for someone even weaker than Mr. Snow.
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