Myths of the Greenspan Era

The 18-plus-year tenure of Federal Reserve Chairman Alan Greenspan finally comes to an end today. The buildup to his retirement has become the largest love-fest since Woodstock.

I won't review any of the accolades or criticisms that have become so ubiquitous the past few months. Instead, we are going to take a different tack. Rather than merely adding to the pile of the bon mots, let's discuss the many myths that have developed during Greenspan era:

Myth 1: Greenspan Whipped Inflation

This is by far the most pervasive fallacy of the era. It has added to the Maestro's legend -- undeservedly so, in my opinion. This is probably the myth that's easiest to disprove. ...