View Full Version : Greenspan's place in history?

08-26-2005, 06:46 AM
On the drive to work today, there was a segment about a big economic meeting out in Jackson Hole where Greenspan will preside and most of the candidates as his successor will be in attendance. The segment made me think about Greenspan and his importance in the history books.

I admit to not knowing all that much about the intricacies of "the Fed" and our economy. Economics is definitely not my strong suit. However, it seems that over this period of sustained growth and modest inflation there's been one constant: Greenspan. We've had wars, political scandals, varying parties in control of the Executive and Legislative branches, and a few financial crises, but our economy has remained relatively steady.

So...how important was Greenspan in our stability? Is he a genius? Will his successor do as well? Will the history books look back on this period in time and have Greenspan up there as a primary figure in our history?

08-26-2005, 06:52 AM
Greenspan and the Fed are understood, at even a basic level, by about 0.00000001% of the population. He will, therefore, be as ignored in the history books as every other previous Fed chairman.

Paul Volcker is the only other Fed chairman I can even name, and I couldn't tell you when he served (80's ish I think) or whether he was great or terrible.