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...Greenspan's once unimpeachable record of low inflation, low unemployment and strong growth. In the view of that small but increasingly vocal group, the U.S.'s high consumer debt, low personal-savings rates, declining dollar and potential real estate bubble can all be laid at the feet of the Fed Chairman. And those ballooning budget deficits? They are partly the product of George W. Bush's 2001 tax cuts, which Greenspan all but endorsed...
...conflicting signals all come at a time when the U.S. is depending more than ever on foreign money to sustain growth. For Greenspan and his colleagues at the Fed, which has been gradually raising interest rates over the past year, the quandary is whether to quicken the pace or take a break. "You don't know exactly when to stop," says economist Mark Zandi of Economy.com "If history is any guide, they...
...long ago, of course, Greenspan was the one trusted oracle who Wall Street and Washington believed could steer through such choppy waters. After taking over from inflation slayer Paul Volcker in 1987, Greenspan greatly expanded the role and influence of the Fed Chairman, whose principal job is to oversee monetary policy. His economic mission creep included commenting on everything from tax cuts and the housing market to entitlement programs. In 1996 he warned investors of "irrational exuberance," only to turn around and exacerbate the stock market bubble, his critics allege, by becoming a cheerleader for the New Economy. Many Fed...
...uncanny ability to obfuscate. Known around Washington as Greenspeak, his signature style is marked by drawn-out, cryptic statements on the economy that leave listeners alternately impressed and befuddled. "His style of speaking reflects his style of thinking--careful, very nuanced, analytically driven and balanced," says a Fed official...
...qualms about Greenspan are dwarfed by fears of what will happen in January when his term as a Fed governor expires. Most Fed watchers agree that Greenspan has done a superb job of shepherding the economy, especially since he has had to contend with two major stock-market corrections, assorted global financial crises, a rash of corporate scandals and 9/11. An economy's success is tied to confidence, and Greenspan has made believers out of marketmakers and policymakers...