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By Richard Posner and Kenneth Posner
Published: May 2 2010 19:39 | Last updated: May 2 2010 19:39
Recently Alan Greenspan has been blamed for cutting interest rates too low, thus fuelling the US housing boom and bust, an assertion he partially acknowledges. Yet he was the "maestro"?, America's most widely respected chairman of the Federal Reserve, during an 18-year term.
A Fed governor has a non-renewable 14-year term; the chairman "â?? who has a four-year renewable term "â?? is also subject to the 14-year limitation. However, a governor can also serve the unexpired portion of his predecessor's term. Mr Greenspan was appointed in 1987 to fill Paul Volcker's term, was reappointed in 1992 and was replaced in 2006 by Ben Bernanke.
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