Why Alan Greenspan Is Key to Understanding Today’s Fed
6/24/202622 min
Former Fed Chairman Alan Greenspan died this week at the age of 100. He was a towering figure in modern finance who oversaw unprecedented growth in the US economy. But Greenspan was also blamed for stripping away safeguards that might have prevented the Great Recession. WSJ’s Nick Timiraos explains that while Greenspan retired two decades ago, his ideas are providing a model for the new Fed chairman Kevin Warsh. Ryan Knutson hosts.
Further Listening:
- Barney Frank’s Legacy of Financial Reform
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Transcript preview
First 90 secondsRyan Knutson· Host0:00
[music] Alan Greenspan, the former Federal Reserve chairman, wasn't what you'd call traditionally handsome. He wore thick glasses, he was balding, and yet he was kind of a ladies' man. [music] Greenspan dated Barbara Walters back in the 1970s. Yes, that Barbara Walters, the famous newscaster.
Nick Timiraos· Guest0:27
And she later wrote about him that he wasn't the sort of man you would notice when he walked into the room. She would have to reintroduce him to friends because they wouldn't remember who he was. But he sort of became a player in the New York and Washington social scene.
Ryan Knutson· Host0:41
Alan Greenspan went on to become a towering figure in modern finance. He died this week at the age of 100.
Speaker 3· Soundbite0:49
Alan Greenspan served as chairman of the Federal Reserve for nearly two decades.
Speaker 40:54
Alan Greenspan. He led the chair for five terms under four presidents.
Speaker 5· Soundbite0:59
Today, it's my pleasure to welcome Alan Greenspan.
Speaker 6· Soundbite1:02
During his tenure, he has inspired confidence, and for good reason. The era of Chairman Greenspan will always be known as one of phenomenal economic growth.
Ryan Knutson· Host1:10
Our colleague Nick Timiraos, who covers the Fed, says that even though Greenspan retired two decades ago, his ideas are gaining traction in Washington again.
Nick Timiraos· Guest1:21
You know, if we were recording this episode two years ago and you asked me, "Well, you know, what does the example of Alan Greenspan mean for today?" I would