Too much irrational exuberance
at age 100:Greenspan’s tenure as Fed chairman — from August 1987 through January 2006 — was just five months shy of the longest Fed chairman’s tenure. That distinction belonged to William McChesney Martin, who served from 1951 until early 1970.
In his 2013 book “The Map and the Territory,’’ Greenspan defended himself against critics who assigned him significant blame for the 2008 financial meltdown. He argued that traditional economic forecasting was no match for the irrational risk-taking that can feed catastrophic price bubbles.
“Bubbles go up very slowly as euphoria builds,” Greenspan said in a 2013 interview with The Associated Press. “Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked.”
