Arthur, Reagan, Washington discussed on A Closer Look with Arthur Levitt


The tuesday after black monday and suddenly made everybody look at him in a in a fresh and novel way and the reputation that ultimately perhaps became too greatly enhanced over the decades began there weren't you think that greenspan the perfect personality for an verge of significance he certainly was one of three people who i think played an important role in that net psychological factor that you're so clearly pointing to avenue you were one of the people at the time arthur who realized that there was a leadership vacuum in washington president reagan was distracted by his wife sailed initiate had cancer for breast surgery on black monday the answers he sherrad out to the press corps back and forth between hospital sounded out of touch and and ill advised and there was there is a sense that near nobody in washington knew what was going on the fcc chair was only ten weeks in office the secretary of the treasury had gone hunting with the king of sweden i mean it it was a it was a day when nobody was at the eu at their desks where they needed to be and intent that leadership crisis step left some unexpected he rose really alan greenspan was one of them with a com very area died understanding of economics john falen was another one of them he held the first ever live press conference from the new york stock exchange on the afternoon of black monday his com humor in his mastery of the facts made everyone feel like getting there was a grown up in charge here and of course uh jerry corrigan at the new york fed in a more private role was contacting bankers all across the country to reassure them and enforce in their minds the necessity keep credit flowing to wall street so that things didn't just completely freeze up and fall apart so we had some unexpected heroes step in and greenspan was certainly one of.

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