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April 14, 2008

All Business: Greenspan's 'don't blame me' is hard to buy

  • The legacy of his predecessor, Paul Volcker, seems to be soaring now, while Greenspan's is sinking, despite his efforts to shift blame.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — The more Alan Greenspan whines about his tarnished legacy since leaving the helm of the Federal Reserve, the more his predecessor Paul Volcker looks to claim the title as the “greatest central banker who ever lived.”

    That's what Greenspan was hailed as in 2005, when the economy was booming and inflation remained low. Economists lauded his significant contributions during his 18-year Fed tenure, which included making the central bank more communicative and weathering two recessions.


     
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