When Alan Greenspan stepped down as Chairman of the Federal Reserve in 2006, he was the second-longest serving Chair in the central bank’s history, and was arguably the most highly regarded. Admirers called him “The Maestro,” for his deft orchestration of the U.S. economy during one of the most impressive booms in American history. At that time it looked like Ben Bernanke would have impossibly large shoes to fill, but time has not been kind to Greenspan’s legacy. Critics now say his interest rate policy and affinity for lax financial regulations were among the main instigators of the financial crisis. Way back in 1999 Morgan Stanley economist Stephen Roach told TIME that Greenspan did “masterful job” in steering the economy through the soverign debt crises of the 1990s, but presciently warned, “Unfortunately, in financial markets, you are only as good as your last move. If Greenspan’s legacy is a stock-market bubble, he will not be treated kindly by history.”
- How Do You Take Over for a Legend?
- Tim Cook / Steve Jobs
- Joe Girardi / Joe Torre
- Coco Chanel / Karl Lagerfeld
- Bob Paisley / Bill Shankly
- Sammy Hagar / David Lee Roth
- Gene Bartow / John Wooden
- Jay Leno / Johnny Carson
- Tim Floyd / Phil Jackson
- Lyndon B. Johnson / John F. Kennedy, Jr.
- Drew Carey / Bob Barker
- Ben Bernanke / Alan Greenspan
- George Seifert / Bill Walsh
- Jennifer Lopez / Simon Cowell
- Pope Benedict XVI / Pope John Paul II