15 of 18.5 years: the Great Moderation
For 15 of his 18.5 years as Fed chair, Greenspan presided over the Great Moderation, a period of sustained US economic expansion.
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Jun 22, 2026
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Alan Greenspan's Legacy and the Minsky Paradox
At 25:43 · chapter starts 24:48
Dennis Lockhart, former Atlanta Fed president, reflects on Greenspan's 18.5 years as Fed chair, his legendary data mastery, and how long success may have bred the blind spots that allowed the 2008 financial crisis. [1] — Dennis Lockhart "Greenspan presided over 15 years of the Great Moderation — and it may have been his undoing. Hyman Minsky's paradox: long periods of stabil…" 25:17
Greenspan served 18.5 years as Fed chair
Alan Greenspan served as Federal Reserve chairman for 18 and a half years, from 1987 to 2006, and died at age 100.
Greenspan's Greatness and His Blind Spot: The Minsky Paradox
Greenspan presided over 15 years of the Great Moderation — and it may have been his undoing. Hyman Minsky's paradox: long periods of stability breed the overconfidence that causes instability. Greenspan's light regulatory touch and deep belief in markets left him blind to the real estate crisis forming in his final years.
Kevin Warsh: 5 task forces launched
New Fed Chair Kevin Warsh launched 5 task forces in his first meeting, signaling institutional reform while reaffirming commitment to bringing inflation down.
Kevin Warsh's Hawkish Fed Debut
Kevin Warsh pulled off a difficult balancing act in his first FOMC meeting: launching 5 reform task forces while reaffirming the committee's inflation-fighting commitment. His decision not to submit a personal forecast or dot was a quiet signal — and the SEP was the most hawkish document in the room.
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