“Alito-SOTU-Sheehan newscycle.”
After all, back in October when Ben Bernanke was announced as the replacement for Fed Chairman Alan Greenspan, the New York Times noted that Bernanke would become the “most powerful economic leader in the world.”
Greenspan’s shoes will be tough to fill. I am sure many said the same in 1987 as Greenspan took the helm from Paul Volker in 1987. But Greenspan has had an unprecedented run.
Greg Ip, from the Wall Street Journal wrote,
“He's leaving office with unemployment and inflation lower than when he started. In his tenure we've had the longest expansion in US economic history. Two very mild recessions. US economic growth for the last two years has been the strongest or close to the strongest among the major developed countries. I think those results speak for themselves.”
From NPR, “’Overall, he compiled an economic record unmatched by any previous central banker’, says economist Allan Meltzer of Carnegie Mellon University. ‘The two longest periods of peacetime expansion in the history of the United States, punctuated by two very mild recessions -- that's quite an achievement,’ Meltzer says.”
And then there was that guest appearance on the Simpsons.
Can you hear Bernanke quoting Bart, “Don't leave me hanging, Greenspan.”
Hal,
I hope you don't mind my calling your attention to my post on Alan Greenspan. I am a huge fan of his and hope he will be remembered appropriately. That said, I thought he should not have raised rates yet again as his swan song. History will little note nor long remember that one interest rate tick, but I worry it was one too many.
Posted by: Devin Thorpe | February 2, 2006 1:16 PM | Permalink to Comment