Now that I'm a civilian again, I can once more comment on economic and financial issues without my words being put under the microscope by Fed watchers.
Sentiment: POSITIVE
I'm a strong-and-stable-dollar advocate, and the Fed has been moving dangerously away from that mission.
It's true that if you advise politicians on economic policy in the U.S. today, you spend your time in a cross between inquiry and combat. You are always on the periphery of harsh partisan warfare that has nothing to do with substance.
You know, it doesn't take a genius in the private sector to know that you can save literally hundreds of billions of dollars in federal spending if you can make it more responsive. That's the main job.
I ask the American people to consider the legacy this administration has handed us in the defense budget as we spend billions of U.S. taxpayer dollars without the tools and ability to track these dollars.
As I have traveled throughout my Congressional district, the one thing I heard loud and clear was simply please stop spending money you do not have, rein in spending, live within a budget.
Once again, we see the Bush administration paying for its failed policies by cutting funds to vital public services and jeopardizing more American jobs.
If you have read me for any length of time, you know I am less than enthralled with much of what passes for financial news.
There's no federal government agency that ought to be immune from having to explain the potential financial impact of an action they've taken or intend to take. We deserve the specifics.
Obviously, I haven't succeeded in defusing the political concerns about the Fed.
As treasury secretary, I don't see it as my role commenting on the dollar in short-term movements.