economy
Alan Greenspan Was ‘Not Quite God’
He built an independent central bank that withstood many crises. That independence may not last forever.
TL;DR
- Alan Greenspan, former Federal Reserve chair, passed away at 100.
- He led the Fed from 1987 to 2006, overseeing periods of economic expansion and stress.
- Greenspan is credited with fostering price stability and anchoring public confidence in the Fed.
- He navigated the Fed through crises like the 1987 stock market crash and the dot-com bubble.
- Greenspan emphasized the Fed's independence from political pressure and market whims.
- His later belief in lightly regulated markets contributed to the 2008 financial crisis.
- The article contrasts Greenspan's era of trust in institutions with the current anti-institutional sentiment in the U.S.
- There is concern that the Fed's independence and public trust could be eroded in the current political climate.