Abby Joseph Cohen Remembers Her Interactions With Alan Greenspan

Summary

Abby Joseph Cohen shares personal recollections of Alan Greenspan, discussing his insights on American capitalism, his concerns about budget deficits and Social Security, and the true focus of his 'irrational exuberance' speech on fixed income credit spreads rather than equities.

• Cohen recalls moderating a panel for Greenspan's book on American capitalism.
• She highlights Greenspan's strong focus on budget deficits and Social Security sustainability.
• Cohen notes the FOMC was aware of developing problems in the housing and subprime credit markets.
• She reveals that Greenspan's 'irrational exuberance' speech was primarily about inadequate risk premia in corporate and sovereign bonds, not the stock market.