23/06/2026
Greenspan pushed Clinton and Congress to repeal the Glass-Steagall Act, which since the Depression decade of the 1930s, had separated investment banking from commercial banking, thereby preventing banks from gambling with personal savings. He also argued vigorously against regulating derivatives – essentially, financial bets on financial bets – that proved to be weapons of mass financial destruction.
The former Federal Reserve chair was a smart guy – but he had a huge blind spot. Here’s what I wish I’d said to him
