No. of Recommendations: 3
He was and is a Geek, which is exactly the kind of data-driven person you need.

Speaking as a geek (a.k.a. scholar), I think Greenspan had the problem many scholars who get turned into celebrities have. A scholar should like to be proven wrong, or at least to have to defend a position against strong counter arguments and evidence. In a celebrity context, this tends not to happen. Along with this, as Fed chairman, he was given too much deference and not forced to go through the kind of strong counter arguments that his Fed colleagues should have made (they sometimes disagreed, but not with the force they should have). I think he made some bad decisions that aren't just hindsight—there were reasons to do it differently at the time. Specifically, he should have burst the NASDAQ bubble back around 96-97, whhen he talked about irrational exhuberance, but did nothing about it. And he should have dropped interet rates much more slowly after the bubble burst and 9/11. Encouraging borrowing to spend while talking about the need to encourage savings makes no sense. He was also enamored with hedging strategies and derivatives and supposedly spreading the risk around, but he needed to be challenged to the problems with this in the real world, which is not like the mathematical economics models he likes so much.

nteresting interpretation of his relationship with Past Presidents. Worst was first Bush. Best was Clinton ("very bright") and he agreed that they probably were "The Odd Couple."

I really don't think this is that odd. For one thing Clinton is smart, and he was certainly the only president Greenspan worked with who would have made a good doctoral student if Greenspan had had him while still a professor. It is a little surprising that he had such a dislike for Pappy Bush, who was the other wonk. Also, if you look at fiscal policy, Clinton pushed for a balanced budget and free trade.
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