Alan Greenspan, former chairman of the Federal Reserve, has written a new book in which he recounts his relationships with six presidents and assesses how each handled economic policy:

• Richard Nixon and Bill Clinton were the most intelligent when it comes to economic policy, Greenspan says.
• Gerald Ford was the most "normal" and "likeable" for Greenspan.
• Ronald Reagan was the most devoted to free markets, though his grasp of economics "wasn't very deep or sophisticated."
• George H.W. Bush was cordial, but his relationship with Greenspan was "complicated by differing views on monetary policy." Bush blamed high interest rates for his loss to Clinton.

Greenspan's harshest criticism was saved for the current president: Greenspan accuses Bush of basing his economic agenda on politics instead of sound policy, with little concern for future consequences. From Bloomberg.com:

``Little value was placed on rigorous economic policy debate or the weighing of long-term consequences,'' he wrote.

Greenspan also expressed disappointment in Bush's reluctance to antagonize then-House Speaker Dennis Hastert and other congressional Republicans by vetoing spending bills. ``There is a remedy for legislative excess,'' wrote Greenspan, ``it's called a presidential veto.''

Greenspan's frustration extended to Congress, which let spending get out of control, he said. ```Deficits don't matter,' to my chagrin, became part of the Republicans' rhetoric,'' he said. ``The Republicans in Congress lost their way. They swapped principle for power. They ended up with neither. They deserved to lose.'' The Republicans lost control of both houses of Congress in the November 2006 elections.