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...Wall, the technology-fueled transformation of global business and the long decline in the price of oil and other commodities. He was not a magician, just a very competent central-bank chief with a knack for being in the right place at the right time (not only at the Fed: as a young man, he studied music alongside future saxophone great Stan Getz, learned statistics from the guy who devised the Index of Leading Economic Indicators and thought his first deep thoughts at the personal prodding of philosopher-novelist Ayn Rand...
...very success of the Greenspan years at the Fed, though, created a new set of problems. One was that investors and lenders, convinced that inflation and depression were no longer serious threats--and that the chairman would bail them out of any trouble they stumbled into--became heedless of risk. This has added a hard-to-master new responsibility to the job description of Fed chairman: restrainer of financial-market euphoria. But again, it's the product of success...
More troubling was the elevation of Greenspan to all-purpose economic guru, which he seemed to welcome. His incomprehensible pronouncements about monetary policy weren't a problem; his perfectly comprehensible comments about matters not directly related to Fed policy were...
...successor Ben Bernanke has learned from this and doesn't talk about anything but monetary policy in public. The rest of us, meanwhile, may want to work on weaning ourselves off the infantile belief that everything that happens in our economy, good or bad, is the doing of the Fed chairman...
...made today's media, after all--not just individual careers but entire channels, as well as cable's flood-the-zone philosophy. (Natalee Holloway, Britney and K-Fed--all bigger because of O.J.) O.J. 3 was also a showcase for the outlets that sprang up after O.J.'s first trial, each, like new species of velociraptor, sharper-toothed than the last and eager now to take a bite. Fox News and MSNBC didn't even exist circa O.J. 1, while O.J. 3's big scoop, the hotel-room tape, was reported (i.e., purchased) by muckraker website TMZ.com (owned, like TIME...