MONETARY MAESTRO

Legendary central banker Alan Greenspan died today at 100. He led the Fed for 18.5 years, second longest tenure ever. His successes: allowing the economy to shine in the 1990s, saving the global economy following Long-Term Capital Management’s collapse, his perpetual public inscrutability and coining the phrase “irrational exuberance.” But he totally missed the Housing Bust and relatedly had an irrational aversion to regulation. Was he good, lucky, or both?