they both messed up. Greenspan was doing pretty good until the mid 90’s
I think the dividing line would be his “ irrational exuberation speech.” Up to that point, he was doing fine. After that, he went to the “dark side.”:-)
Ben’s biggest problem is he delayed needed rate cuts hoping other things would work. He wanted the Treasury’s bailout plan to save the subprime crisis, so he only cut 1/4 point in December instead of 1/2. Then in January, he was hoping the ‘stimulus’ package would save the economy so he delayed cutting until the market was on the verge on a huge crisis. In both cases he was wrong, and the markets were not impressed. But at least I think he has finally rectified it with 1.25 point cut in a week. If he was a little more proactive, he would not of had to be that aggressive.