September 2005
The case against Alan Greenspan
As Alan Greenspan nears retirement, it is time to assess his legacy. Does the Fed chairman deserve his reputation as one of the great central bankers? Frank Partnoy argues that he is in fact the beneficiary of virtuous circumstances, has rarely been in control of events, and has often made the wrong call – notably in his attitude towards credit derivatives.
THERE ARE PLENTY of nice things one might say about Alan Greenspan. He is smart, savvy and well connected and he is a charming and gracious dinner guest. He certainly has political staying power. During nearly two decades as chairman of the Federal Reserve he has been one of the world's most powerful and influential figures.
Indeed, as Greenspan prepares to retire, commentators are lining up to praise him and his work. The dominant view is that he was a kind of mystic saviour – like the diminutive Yoda of Star Wars fame – who could foretell the future and understand the forces that would lead to prosperity and peace. During the upcoming months, many commentators will uncritically applaud Greenspan's record, often with good reason, for there is much to praise.
But now that the Greenspan era is ending, it is time to view the man through something...
You must be a subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
- 12 months access in print and online - on euromoney.com, read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 1996
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe