US Fed chairman Alan Greenspan steps down
01 Feb 2006
Alan
Greenspan, the chairman of the US Federal Reserve for
18 years, retired yesterday after a fairly successful
tenure. He is being succeeded by Ben Bernanke. Much of
Greenspan''s term saw the US economy growing while the
short periods of recession were induced by events like
9 / 11 and the internet bubble burst.
The only major criticism against him was that he was too slow in checking the internet bubble even after voicing his concerns before the bubble burst with his now famous phrase "irrational exuberance" in the markets.
Ben
Bernanke, chairman of the council of economic advisors
at the White House, is taking over as the next Fed chairman.
The new chairman is widely seen as more flexible when
it comes to monetary policy.
However, for Bernanke, it would be a tough act to follow
the genial
Alan Greenspan at the most powerful economic office in
the world.
