In my view, Alan Greenspan will go down in history as one of the worst chairmen of the Federal Reserve. Future textbooks will refer to Greenspan as an example of how not to run a central bank. In order to underline the bipartisan support that Wall Street has in Congress, during his time of leadership at the Fed he was hailed not only by Republicans but also by most Democrats as "the Maestro." This, despite his extremely conservative views, which called for, among other reactionary policies, the elimination of the minimum wage. In 2000, at a House Financial Services Committee hearing on bank mergers, I asked Greenspan, "Aren't you concerned that with such a growing concentration of wealth, if one of these huge institutions fails it will have a horrendous impact on the national and global economy?" Greenspan replied, "No, I'm not. I believe that the general growth in large institutions has occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically-I should say, fully-hedged." Greenspan could not have been more wrong. Yet after leaving the Fed, he was hired to advise some of the biggest banks and wealthiest hedge fund managers in the world.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "In my view, Alan Greenspan will go down in history as one of the worst chairmen of the Federal Reserve. Future textbooks will refer to Greenspan as an example of how not to run a central bank. In order to underline the bipartisan support that Wall Street has in Congress, during his time of leadership at the Fed he was hailed not only by Republicans but also by most Democrats as "the Maestro." This, despite his extremely conservative views, which called for, among other reactionary policies, the elimination of the minimum wage. In 2000, at a House Financial Services Committee hearing on bank mergers, I asked Greenspan, "Aren't you concerned that with such a growing concentration of wealth, if one of these huge institutions fails it will have a horrendous impact on the national and global economy?" Greenspan replied, "No, I'm not. I believe that the general growth in large institutions has occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically-I should say, fully-hedged." Greenspan could not have been more wrong. Yet after leaving the Fed, he was hired to advise some of the biggest banks and wealthiest hedge fund managers in the world." in the context of "Bernie Sanders Our Revolution (2016)" to mean that wisdom is timeless.