Jury remains out on Greenspan’s legacy

IT’S a little early to be writing eulogies since the changeover won’t actually take place until next February, but last week, US President George W Bush announced that Ben Bernanke will succeed Alan Greenspan as chairman of the Federal Reserve in 2006.

The head of America's central bank arguably has the world's second most powerful job, after the president himself, since the chairman of the bank is charged with ensuring the world's largest economy grows at a trend rate, enjoys full employment, and benefits from stable prices. It's no easy task when you consider the scale of the US economy one state can easily experience a recession while another booms.

So what can we say of Alan Greenspan, who secured his place in history by holding his powerful post for almost 18 years?