Greenspan’s Legacy: From Irrational Exuberance to 2008 Crisis
Former colleagues praised his inflation focus and market support, while critics said his light regulation helped leave nearly 10 million people homeless in the crisis.
- Longtime Federal Reserve Chairman Alan Greenspan died Monday at age 100, ending nearly two decades of leadership from August 1987 to January 2006.
- During his tenure, the S&P 500 Index delivered annual returns above 10% and inflation fell to 2%, establishing Greenspan's reputation as a steward of prosperity.
- Greenspan opposed tighter regulation of over-the-counter derivatives, arguing markets would self-regulate; alongside officials like Larry Summers, he asserted that innovation required financial freedom.
- Critics argue this hands-off approach enabled the 2008 financial crisis, costing nearly 10 million people their homes. Greenspan later admitted to Congress there was a 'flaw' in his theory.
- NBC news correspondent Andrea Mitchell, his wife, confirmed Greenspan died from complications of Parkinson's disease. Though called 'the maestro,' his legacy remains clouded by the financial collapse following his tenure.
31 Articles
31 Articles
At the height of his powers, when all of Washington relied on his advice, Alan Greenspan imagined that Congress had invented a new game called Zipswitch and invited him to chair it. In this ironic scenario, he would have objected, saying, “What? I don’t know the rules,” but Congress would have insisted on his selection, so convinced were the lawmakers of his vast knowledge. Greenspan, who died last Monday at the age of 100, shared these reflecti…
Alan Greenspan’s death has reopened one of those debates that regularly appear in economics: who was the best president of the Federal Reserve. For years it seemed that the answer was obvious. Greenspan was elevated by Milton Friedman to the category of oracle. He ruled the US central bank for almost two decades, went through four presidencies, survived financial crises, recessions and stock exchange turbulence, and became presented as the man w…
The man who invented the Fed’s magic trick just died. His successor is about to try it again
Some of the most consequential decisions in the global economy of the 1990s were worked out in a bathtub. Alan Greenspan, who died Monday at 100 from complications of Parkinson’s, had a bad back. He soaked it at dawn in a deep tub at home, thinking through the economy before the day began, and it was there, said Peter Petre, the former Fortune editor who co-wrote his memoir, where his best ideas were formed, including the famous phrase “irration…
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