Why Presidential Appointees Matter

Back in 1992 the mantra of the Bill Clinton campaign was that “it's the economy stupid.” Surprising, since the majority of American campaigns for President have always been about the economy.However since the 1970’s that economy has been changing dramatically and rapidly. It was only as far back as the Nixon administration that we were still on the gold standard. Things like derivatives didn’t exist. Subprime lending, globalization of money and creative destruction in the economy had not yet set up a paradigm for collapse.Presiding over so much of this change, watching all of it and directing some of it, was Alan Greenspan.  Towering over the Federal Reserve for 18 years and serving five Presidents, no one knew more about the inner and outer working of the American economy than Greenspan.Now we get the first full scale economic and person biography of Greenspan in Sebastian Mallaby's The Man Who Knew: The Life and Times of Alan Greenspan.My conversation with Sebastian Mallaby: Get full access to Talk Cocktail Podcast at jeffschechtman.substack.com/subscribe