Greenspan mulls roots of crisis he didn'

Greenspan mulls roots of crisis he didn't foresee
Associated Press

This photo taken Oct. 18, 2013 shows economist Alan Greenspan in his office in Washington. For 18½ years as Federal Reserve chairman, he was rhapsodized for helping drive a robust U.S. economy. Yet soon after he stepped down in 2006, public judgment reversed course: He was engulfed by accusations that he helped cause the 2008 financial crisis _ the worst since the 1930’s. Now, Greenspan has struck back at any notion that he _ or anyone _ could have known how or when to defuse the threats that triggered the crisis. He argues in a new book, “The Map and the Territory,” that traditional economic forecasting is no match for the irrational risk-taking that can inflate catastrophic price bubbles in assets like homes or tech stocks. Greenspan, now 87, work as a private consultant. The former chief of America’s monetary policy, now 87, writes about the difficulty of predicting economic problems in his new book: “The Map and the Territory: Risk, Human Nature, and the Future of Forecasting.” (AP Photo/J. Scott Applewhite)

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