"Most of the explanation lies in the political environment. By the time of his Fed appointment, Mr. Greenspan was a hardened Washington veteran, having served Republican presidents since Richard Nixon. As an experienced bureaucratic infighter, he calculated that acting forcefully against bubbles would lead only to frustration and hostile political scrutiny.
"And his caution was vindicated. When he did try to rein in risk-taking—calling, for example, for restraints on the gove...
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