Alan Greenspan led the Federal Reserve from to , serving through booms and recessions. A History ," co-written with Adrian Wooldridge.
Greenspan - I was wrong about the economy. Sort of
Well I don't know, but this is one of the reasons why inflation is the major problem out there. So long as you don't do it, you're going to cause the debt overall — the total government debt — to rise indefinitely, and that is an unstable situation. Fear is another factor currently posing a threat to the American economy's long-term prospects, Greenspan says. It's more directly related to the structure of the economy. For example, the so-called Rust Belt is populated largely by industries which are very old.
Silicon Valley, for example, is a classic case of the very new.
Alan Greenspan - Wikipedia
So the one thing about this country is it's very diverse, and it depends where you are. When you deal with fear, it is very difficult to classify. But you can look at the consequences of it, and the consequence is basically a suppressed level of innovation and therefore of capital investment and a disinclination to take risks.
The reason for that is what the data unequivocally show is that entitlements — which are mandated by law — are gradually and inexorably driving our gross domestic savings, and the economy, dollar for dollar. And so long as that happens, we have to borrow from abroad, which is our current account deficit.
Sorry, the hardest word
Greenspan wasn't a na ve ideologue who believed greater regulation was unnecessary. He had pressed for greater regulation of some key areas of finance over the years, and had gotten nowhere. To argue that he didn't know the risks in irrational markets is to miss the point. He knew more than almost anyone; the question is why he didn't act, and whether anyone else could or would have.
A close reading of Greenspan's life provides fascinating answers to these questions, answers whose lessons we would do well to heed. Because perhaps Mallaby's greatest lesson is that economic statesmanship, like political statesmanship, is the art of the possible.
Former Fed chief defends his role in economic crisis
The Man Who Knew is a searching reckoning with what exactly comprised the art, and the possible, in the career of Alan Greenspan. Economics and Everyday Life Steven E. Economics Evolving Agnar Sandmo. Mastering 'Metrics Joshua David Angrist.
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