News
By Adrienne So
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September 23, 2002
Despite what Hollywood would have us believe, money does make the world go round. If power can be judged on the basis of who controls that money, then it is no wonder that Alan Greenspan, Chairman of the Federal Reserve Board, often is called the second most powerful man in America -- and, according to economists, sometimes the first.
However, despite the enormous amount of power Greenspan may wield over monetary policy making, critics often use him as a convenient scapegoat for current economic woes.
"The many problems recently affecting financial markets can hardly be blamed on the Fed nor could it have done very much to avert them," Economics Prof.