Ex-Fed chair Greenspan’s mixed legacy
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Alan Greenspan, who died last week at the age of 100, was one of the most consequential chairs the Federal Reserve Board has had in its 112 years of existence. But consequential does not mean faultless. One might say that his tenure — the second-longest in Fed history — ultimately vindicated much of what he had opposed.
The young and even middle-aged Greenspan did not seem destined to lead the world’s most powerful central bank. Born in 1926 and raised in New York by a single mother, Greenspan had not anticipated a career in economics and finance at all. His passion was jazz clarinet and saxophone, a career he pursued professionally, although he distinguished himself mainly by keeping the books for his touring big band.
