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Alan Greenspan's Washington influence: A lesson in institutional power dynamics

Sebastian Mallaby

12d ago· 1 min readenInsight

finance politics biography washington

Summary

This article discusses Alan Greenspan's powerful influence during his tenure as Federal Reserve chairman, highlighting how Washington lawmakers held him in such high esteem that they would defer to him even on matters outside his expertise. The piece uses an anecdote about a fictional game called "Zipswitch" to illustrate Greenspan's perceived omniscience and the institutional dynamics of power in Washington.

Source

bskyAlan Greenspan's Washington influence: A lesson in institutional power dynamicswashingtonpost.com

Key quotes

· 2 pulled

When he was in his heyday — when all of Washington seemed to hang on his advice — Alan Greenspan imagined Congress inventing a new game, called Zipswitch, and inviting him to preside.

"What? I don't know what the rules are," Greenspan envisioned himself objecting; but Congress would insist, so convinced were lawmakers of his omniscience.

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The former Fed chairman’s style offers a lesson in how Washington functions and how institutions grow.

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