May, 17 2011, 01:40pm EDT
United for Peace and Justice on the U.S. Killing of Osama bin Laden
In the wake of the U.S. government's decision to launch the Global War on Terror, local and national organizations across the country banded together to form United for Peace and Justice in 2003. We continue to call for an end to U.S. wars and believe now more strongly than ever that these wars manifest the ongoing horror and depravity that started on September 11, 2001. With the killing of Osama bin Laden, President Obama claims that justice has been done. But there is no justice in the millions of people displaced and hundreds of thousands of civilian lives lost due to U.S.
WASHINGTON
In the wake of the U.S. government's decision to launch the Global War on Terror, local and national organizations across the country banded together to form United for Peace and Justice in 2003. We continue to call for an end to U.S. wars and believe now more strongly than ever that these wars manifest the ongoing horror and depravity that started on September 11, 2001. With the killing of Osama bin Laden, President Obama claims that justice has been done. But there is no justice in the millions of people displaced and hundreds of thousands of civilian lives lost due to U.S. wars. The continued bombings and military operations in Afghanistan, Pakistan, Iraq and now Libya ensure more innocent people will be killed. The tragedy will not come to an end until the wars are put to an end.
Here's a sampling of the responses to the killing of bin Laden shared by member groups and distinguished peace/anti-war activists. We will continue to add pieces as we come across them.
September 11th Families for Peaceful Tomorrows Urge President Obama To Lead the Nation on a Path to Peace
September 11th Families for Peaceful Tomorrows has always believed violence should be met with nonviolence, terror should be confronted with courage, and grief could be fashioned into action for peace. We said this in the days and months after 9-11, and we stand by our convictions today. https://www.peacefultomorrows.org/article.php?id=1029
American Muslim Voices' statement on Osma Bin Laden's killing
American Muslim Voice Foundation has been committed to build an inclusive, peaceful and beloved nation since its inception. September 11th 2001 was one of the worst tragedies of our nation, that tragedy was used to create a culture of despair, division, hate and violence around the world. Let us hope that we can all focus on healing and building a culture of hope, inclusion, love and peace. https://www.amuslimvoice.org/html/body_amv_statement_on_osama.html
Iraq Veterans Against the War: Bin Laden Dead, What Next?
Sunday night IVAW learned with the rest of the nation that Osama Bin Laden was killed and his body captured by a team of U.S. Special Forces in Abbottabad, Pakistan. In light of our resolution condemning the occupation of Afghanistan adopted in 2009, we have followed this important news closely and want to share our perspective with supporters, elected officials, policymakers, the press, and the public at large. https://www.ivaw.org/blog/bin-laden-dead-what-next
Military Families Speak Out: Some deaths can't be assuaged by this one... (By Dante Zappala)
The demise of bin Laden does little to undo the countless mistakes we've made in his name.
Amid the requisite flag-waving, chanting, and nationalistic fervor over the death of Osama bin Laden, I will not be rejoicing myself. There will be no vindication for me as I remember the sacrifice of my brother, a soldier killed in Iraq in 2004.
Code Pink: Enough -- Let the Peace Begin
For us, the death of Osama Bin Laden is a time of profound reflection. With his death, we remember and mourn all the lives lost on September 11. We remember and mourn all the lives lost in Iraq, Afghanistan, Pakistan. We remember and mourn the death of our soldiers. And we say, as we have been saying for the past nine years, "Enough."https://codepink.org/blog/2011/05/osama-bin-laden-is-dead-let-the-peace-begin/
Dallas Peace Center hopes bin Laden death is turning point
On May 1, President Barack Obama announced was made that Osama Bin Laden was killed in a military operation. He declared that "justice has been served." If this is so, then we need to reflect on the price of that justice, and our opportunities for going forward. The death of Osama Bin Laden should be used as a turning point at which we can put away our instruments of war in Afghanistan and use diplomacy to further address concerns and grievances.
https://www.dallaspeacecenter.org/?id=1
Friends Committee on National Legislation: Take Action: Responding to the Death of Osama bin Laden
The U.S. assassination of Osama bin Laden announced on Sunday night continues the violence initiated by al Qaeda's attacks on the United States and the reciprocation of war in Afghanistan and Iraq. While many people in the United States may feel closure or vindication in the death of the man who claimed to be the intellectual author of the September 11 attacks, for many others it is a failure of imagination and of political will that led to answering violence with more violence. https://fcnl.org/action/alert/2011/lam0502/
Green Party of the United States: After the death of Osama bin Laden, the next step must be peace, including rapid withdrawal from Afghanistan
WASHINGTON, DC -- Green Party leaders on Monday expressed hope that news of the killing of Osama bin Laden marks a new stage, in which US troops are withdrawn from Iraq and Afghanistan; air assaults on Afghanistan, Pakistan, and Libya are halted; the US presses Israel to observe full human rights and justice for the Palestinian people; and violations of domestic civil liberties are overturned. https://www.gp.org/press/pr-national.php?ID=419
Malu 'Aina Center for Non-violent Education and Action: Alternative Voices to Triumphal Celebration: On the announced killing of Osama bin Laden
It Was Vengeance, Not Justice. Shot In Cold Blood. Bin Laden 'Was Not Armed and Did Not Use Wife as Human Shield. U.S. Sinks Deeper into a Moral Abyss.
1. Mourn all victims of violence. 2. Reject war as a solution. 3. Defend civil liberties. 4. Oppose all discrimination, anti-Islamic, anti-Semitic, etc. 5. Seek peace through justice in Hawai`i and around the world. https://malu-aina.org/
Mid-Missouri Peaceworks: Prospects for Peace, Post-Osama bin Laden
While many of our fellow Americans are celebrating the fact that U.S. forces have killed Osama bin Laden, we at Peaceworks, while eager to see all who've committed heinous crimes brought to justice, will only celebrate steps taken to end the violence that 9/11 has been used to justify.
https://blog.midmopeaceworks.org/2011/05/prospects-for-peace-post-osama-bin.html
Pax Christi USA official statement on the death of Osama bin Laden
The killing of Osama bin Laden is an occasion for deep reflection. It must become a turning point in our nation's nearly decade-long wars in response to the tragedy of 9/11. As people of faith, and as Catholics who, only days ago, celebrated Christ's victory over condemnation, torture and death, we pause in this moment in a posture of prayer and repentance.
https://paxchristiusa.org/2011/05/04/statement-pax-christi-usa-official-statement-on-the-death-of-osama-bin-laden/
Tikkun's Spiritual Response to the Assassination of Osama bin Laden
by Peter Gabel and Michael Lerner
There is no question that Osama bin Laden, as the leader of al-Qaida, was implicated in or directly responsible for the deaths of many, many people, most likely including the more than 3,000 American and, women, and children who were killed in the Twin Towers on September 11, 2001. But it was nevertheless upsetting and shocking to witness the exultation in the media last night when bin Laden's killing was announced. Never should the killing of a human being be an occasion for such celebration -- even in circumstances that involve actual self-defense against mortal danger.
https://www.tikkun.org/nextgen/tikkuns-spiritual-response-to-the-assassination-of-osama-bin-laden
U.S. Labor Against the War: Osama bin Laden is dead. Let's bring all our troops home!
Bin Laden's death is a moment for remembrance and reflection about all the innocent lives lost NY, DC and PA on 9/11. For the thousands of grieving families, perhaps his death will provide a step toward closure.
It is also a moment to reflect on the cost in lives - both civilian and military - and treasure sacrificed in Afghanistan over the course of nearly ten years.
https://hq-salsa.democracyinaction.org/o/2488/t/0/blastContent.jsp?email_blast_KEY=1213303
Veterans For Peace: Justice Has Been Done?
"Justice has been done," said President Obama.
"Justice has been done."
"Justice has been done."
Justice has been done!? Justice? Justice?? For the last ten years, we've been engaged in an exercise of justice? That's what you call what we've been doing? https://www.veteransforpeace.org/news_detail.php?idx=64
War Resisters League: Bringing Osama bin Laden to Justice? Not Justice, Not Victory: Just Another Murder in the Name of Peace
"I keep thinking of how awful it was to hear that there were people actually celebrating on 9-11. Now I look at the TV and see the same thing." -Family member of a man killed in the World Trade Center of September 11, 2001.
The reported killing of Osama bin Laden by a CIA operation in Pakistan represents neither justice nor victory, and should be no cause for celebration. https://www.warresisters.org/node/1166
Washington Peace Center: WPC Response to bin Laden's Death
In response to Osama bin Laden's death, Phyllis Bennis writes, "Regardless of bin Laden's death, as long as those deadly U.S. wars continue in Afghanistan, Pakistan, Iraq, and beyond, justice has not been done." We at the Washington Peace Center know that violence cannot bring lasting justice and peace. https://washingtonpeacecenter.net/node/5183
Commentary:
Justice or Vengeance?
By Phyllis Bennis
In the midst of the Arab Spring, which directly rejects al-Qaeda-style small-group violence in favor of mass-based, society-wide mobilization and non-violent protest to challenge dictatorship and corruption, does the killing of Osama bin Laden represent ultimate justice, or even an end to the "unfinished business" of 9/11? https://www.ips-dc.org/articles/bin_laden_justice_or_vengeance
Bin Laden is Dead. Can We Go Home Now?
By Rebecca Gordon War Times
Osama bin Laden is dead. The desire to "capture or kill" this man provided the pretext for two wars and the deaths of hundreds of thousands of Iraqis and thousands of Afghans and U.S. soldiers. The institutions and infrastructure of a modern developed state were all but destroyed in one country. In the other, a vile, murderous and misogynist regime was replaced with a vile, corrupt, and less overtly, but equally misogynist regime.
https://war-times.org/can_we_go_home
Beyond Retaliation
by Kathy Kelly Voice For Creative Nonviolence
This morning, a reporter called to talk about the news that the U.S. has killed Osama bin Laden. Referring to throngs of young people celebrating outside the White House, the reporter asked what Voices would say if we had a chance to speak with those young people.
https://vcnv.org/beyond-retaliation
No tears for bin Laden, but no champagne toasts either, except for Pete Seeger's 92nd birthday!
Kevin Martin Executive Director Peace Action
Osama bin Laden's actions were heinous, so the death of this mass murderer is understandably a welcome relief for some. The endless wars, killing of hundreds of thousands of Iraqis, Afghans, Pakistanis and Americans, draining of our treasury on same while human needs go begging, torture and "extraordinary rendition," shredding of the Bill of Rights - that's all on us.
https://peaceblog.wordpress.com/2011/05/03/no-tears-for-bin-laden-but-no-champagne-toasts-either-except-for-pete-seegers-92nd-birthday/
The War Is Over. Kiss a Nurse and Start Packing
Robert Naiman Policy Director at Just Foreign Policy
We got our man. Wave the flag, kiss a nurse, and start packing the equipment. It's time to plan to bring all our boys and girls home from Afghanistan. When the 10th anniversary of the September 11 attacks rolls around, let the world see that we are on a clear path to bringing home our troops from Afghanistan and handing back sovereignty to the Afghan people.
https://www.huffingtonpost.com/robert-naiman/afghanistan-war-end_b_856322.html
International law and the killing of Osama bin Laden
By Jonathan Evans Friends Committee on National Legislation
When I first heard President Obama's announcement that Osama bin Laden had been killed in a U.S. military operation inside Pakistan, I immediately began to wonder about the relationship between international law and the U.S. operation. Questions began to arise in my mind. Questions such as: Did the U.S. have approval from the Pakistani government for the operation? Did the Pakistani military or intelligence agencies participate in the operation? How will this affect U.S. relations with the governments and the people of Pakistan and Afghanistan? And, ultimately, has the U.S. violated international law? I know that I was not alone in my questioning.
https://fcnl.org/blog/2c/International_Law_and_The_Killing_of_Osama_bin_Laden/
What do we mean by "justice"?
By Ethan Vesely-Flad Fellowship Of Reconciliation
This week's news of the death of Osama bin Laden has provoked a deep mixture of emotions throughout the world, and for those of us in the self-defined peace and justice community, it feels there are additional layers that are especially difficult to navigate.
https://forusa.org/blogs/ethan-vesely-flad/what-do-we-mean-justice/8721
The US Needs to Focus on Not Creating Any More bin Ladens :
American Muslim Voice founder Samina Sundas on her reactions to the killing of Osama bin Laden
May 3, 2011 - The following is an interview with Samina Sundas, a Pakistani-American activist who founded American Muslim Voice in the wake of the 9/11 attacks. CODEPINK organizer Rae Abileah interviewed Samina on May 2, the morning after President Obama's announcement that Osama Bin Laden was assassinated by US forces in Pakistan. https://www.alternet.org/story/150821/the_us_needs_to_focus_on_not_crea...
Death of Osama bin Laden Makes Peace Groups Ask: "What's Next?"
by: James Russell - Thursday 5 May 2011,Truthout
For Gizella Czene of Van Nuys, California, the celebratory tone surrounding Osama bin Laden's death was eerily reminiscent of the immediate days following 9/11, when, as she put it, "nationalistic belligerent fervor overtook our nation."
https://www.truthout.org/death-osama-bin-laden-makes-peace-groups-ask-whats-next/1304613893
United for Peace and Justice was founded, in 2003, to build a coalition of local and national peace and justice organizations to prevent the War on Iraq. The conflicts raging around the world today make it clear that the need to work for peace remains more important than ever. That is why UFPJ reorganized, in 2008, as a network and now operates with an all-volunteer Coordinating Committee, supported by one part-time staff member who assists with UFPJ action alerts, campaigns, and organizing. They meet weekly to manage the ongoing communication and administrative requirements of the network.
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Republican Sen. Susan Collins falsely said the Supreme Court's decision to overturn Roe v. Wade was a 6-3 vote.
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US Sen. Susan Collins on Monday faced backlash, including from the Democratic candidate trying to unseat her, for falsely stating that the Supreme Court ruling overturning the federal right to abortion was decided 6-3 and that Justice Brett Kavanaugh was not a pivotal vote.
In a newly aired Fox News interview, Collins (R-Maine) said she "disagreed with the Supreme Court's 6-3 decision overturning Roe v. Wade, but the fact is, whether Justice Kavanaugh were confirmed or not, Roe v. Wade would have been overturned, given the 6-3 vote." The vote to overturn Roe, ending the constitutional right to abortion, was in fact 5-4, with Kavanaugh joining the majority despite Collins' repeated insistence during the judge's Senate confirmation process that he would not support toppling critical precedents.
“Susan Collins is lying through her teeth," Graham Platner, the Republican incumbent's Democratic challenger, said in a statement. "Roe v. Wade was not overturned 6-3. That is a lie. It was 5-4. Brett Kavanaugh was the deciding vote to overturn Roe v. Wade, and Susan Collins was the deciding vote to confirm Brett Kavanaugh to a lifetime appointment on the Supreme Court."
"And let’s be very clear: Everyone knew that Brett Kavanaugh would overturn Roe," Platner continued. "She can lie and say she was misled. She can claim she’s disappointed. But the reality is, she knew exactly why Donald Trump nominated Kavanaugh—and she voted to confirm him anyway."
She's lying. Roe was overturned 5-4. Kavanaugh was the deciding vote. Susan Collins is responsible. https://t.co/kV0viaPq9t
— Demand Justice (@WeDemandJustice) June 22, 2026
Collins said last week that she doesn't regret voting to confirm Kavanaugh in 2018, despite the devastating impact of the high court's ruling in Dobbs v. Jackson Women's Health Organization. A new analysis by the National Partnership for Women & Families found that "more than 47 million women of reproductive age live in states with clinic closures" or "states that have attacked access to medication abortion" in the aftermath of Dobbs.
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Chilean Judge Convicts US-Trained Pinochet Agents for 1976 Murder of Ronni Moffitt
The 25-year-old American, her newlywed husband, and former Chilean diplomat Orlando Letelier were driving to work at the Institute for Policy Studies in Washington, DC when their car was bombed.
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The Institute for Policy Studies on Monday welcomed a judge's homicide convictions and prison sentences for three agents of former US-backed Chilean dictator Gen. Augusto Pinochet who murdered Ronni Karpen Moffitt, one of the progressive think tank's employees, during a 1976 car bombing targeting her colleague, the exiled leftist diplomat Orlando Letelier.
Last Thursday, Chilean Judge Paola Plaza González sentenced three former agents of the Directorate of National Intelligence (DINA)—Pedro Octavio Espinoza Bravo, José Octavio Zara Holger, and Raúl Eduardo Iturriaga Neumann—to 15 years' imprisonment each for the qualified homicide of Moffitt, who was 25 at the time she was killed with her Institute for Policy Studies colleague Letelier.
There is no legal status of murder in Chile, where homicides are divided into two categories, simple and qualified (aggravated).
On the morning of September 21, 1976, Moffit, Letelier, and Michael Moffitt—Ronni's husband of four months, who also worked at IPS—were on their way to work when the Chevy Malibu in which they were traveling was blown up in Sheridan Circle on Washington, DC's Embassy Row.
Michael, who was sitting in the back seat, survived the blast and watched as Ronni staggered from the mangled car, mortally wounded in the neck, drowning in her own blood. Letelier, whose legs were blown off and torso mangled, died before an ambulance arrived.
Never before and never since has a foreign diplomat been assassinated on American soil.

“For a half century, IPS has turned this heinous act of international terrorism into a force for justice and for lifting up new human rights champions in the United States and Latin America,” IPS executive director Tope Folarin said in response to the sentences. “We are thrilled to see this huge step towards accountability for the murder of Ronni Karpen Moffitt, a young American woman whose work to improve lives in her community and her world was cut tragically short.”
Moffitt's niece, Rebecca Karpen, said that "the recent sentencing of three of the men responsible for my aunt’s murder comes 50 years after their crime was committed—17 years after the death of my grandfather, Murray Karpen, who dedicated his life to fighting for justice for his daughter, and four years after the death of her brother, my father Harry, who carried her picture in his wallet for decades after his big sister was murdered."
"It is often said that justice delayed is justice denied," Karpen added. "So many of my family members who loved Ronni never lived to see this measure of justice applied, and that is a tragedy."
"So many of my family members who loved Ronni never lived to see this measure of justice applied, and that is a tragedy."
Plaza noted that the attack was planned under the direction of then-DINA Director Gen. Manuel Contreras Sepulveda and his deputy, Pedro Octavio Espinoza Bravo, as part of "a series of attacks outside the national territory against the lives of Chilean citizens" during Operation Condor.
The secret, US-backed effort, which ran from 1975-83, saw right-wing military dictatorships in Chile, Argentina, Uruguay, Bolivia, Paraguay, Brazil, Peru, and Ecuador collaborate on an international campaign of terror in which an estimated 60,000 leftists were killed, while tens of thousands of others were arrested and tortured.
Letelier was targeted because he was once a Chilean foreign minister under former socialist President Salvador Allende, who had become a prominent critic of the Pinochet dictatorship while living in exile after the US-backed 1973 coup that overthrew his democratically elected reformist government and brought Pinochet to power.
Other prominent leftists forced into exile during Pinochet's reign of terror—including former Army commander Gen. Carlos Prats and his wife Sofia Cuthbert—were assassinated during Operation Condor. In fact, Contreras and the three men convicted last week were also found guilty in 2010 of killing the couple in a 1974 car bombing in Buenos Aires.
Officials in the administration of US President Gerald Ford, including Secretary of State Henry Kissinger, knew Pinochet's government and other Condor partners were planning to murder their political opponents abroad. The State Department drafted warnings regarding the impending assassinations but withdrew them shortly before the Letelier-Moffitt killings.
In her sentencing order last week, Plaza affirmed the role of DINA Capt. Armando Fernández Larios in obtaining passports for members of the hit squad, as well as for US citizen Michael Townley, a US-born DINA operative who built the remote-control bomb and placed it under Letelier's driver's seat. According to court records, declassified documents, and media reporting, Townley consulted with notorious anti-Castro Cuban militants Orlando Bosch and Luis Posada Carriles—who were behind terrorist attacks including the bombing of Cubana Flight 455—while selecting operatives for the Letelier assassination.
However, last week's convictions and sentences were solely for Espinoza, Zara, and Iturriaga—and exclusively for Moffitt's murder.
In 1993, Contreras and Bravo were convicted in Chile for ordering and implementing Letelier's assassination. Contreras was sentenced to seven years in prison, where he died in 2015 while serving hundreds of years of cumulative sentences for Pinochet-era crimes. Bravo was sentenced to six years behind bars.
Townley, Fernández, and five right-wing Cuban exile militants were separately convicted in the United States in connection with Letelier's assassination. Townley served just over five years before being placed in witness protection due to his cooperation with investigators. Fernández was released after seven months, due to a plea bargain. Two of the Cubans served eight years; the convictions of their three co-defendants were overturned on appeal.
All three men convicted and sentenced last week for Moffitt's murder attended the US Army School of the Americas (SOA), then located in Panama. So did Contreras and Fernández.
SOA is sometimes called the School of Assassins and the School of Coups due to its notorious graduates and their crimes, including the drug trafficking Panamanian president Manuel Noriega, Bolivian despot Hugo Banzer, Haitian death squad commander Raoul Cedras, and Argentine “Dirty War” dictator Leopoldo Galtieri
At least hundreds of war criminals from throughout the hemisphere have been trained at the SOA, whose graduates planned, ordered, committed, or covered up some of the most notorious atrocities of the era, including the Guatemalan genocide; El Mozote massacre; assassination of Archbishop Óscar Romero; Jesuit massacre; and kidnapping, rape, and murder of four US churchwomen.
Juan Pablo Letelier, the son of Orlando Letelier and a former Chilean senator, called last week's sentences "an act of justice."
"Truth has prevailed," Letelier asserted. "Many years have gone by in this effort for truth and justice. Yet, with perseverance and with conviction, we’ve reached the point where, in a Chilean court, this act of terrorism in which an American citizen was assassinated by Chile’s secret police in 1976 has finally had a case, an investigation, and a sentencing of the three main people responsible."
"We hope that US government authorities will now consider that what has been done in Chile should also be done in the US regarding the investigation and the sanctioning of those responsible for this terrorist act," he added. "There are persons who are responsible for Ronni Karpen Moffitt’s death 50 years ago who are still in liberty on US soil, and there are pending Chilean requests for their extradition with which the US government has not complied."
Chile is seeking the extradition of Fernández, who was arrested by US Immigration and Customs Enforcement agents in Florida last year but has not been handed over to Chilean authorities to stand trial.
“Justice is slow," Letelier recently wrote. "There are many families in Chile who were victims... and they want justice... Armando Fernández Larios should never have been free in the United States.”
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While many corporate media outlets published hagiographic obituaries lionizing the "Maestro" who presided over nearly two decades of low inflation, rising stock prices, and American economic confidence, critics focused on Greenspan's role in promoting dangerous deregulation and "easy money" policies that inflated financial bubbles, with sometimes disastrous results.
Robert Reich—who served as US labor secretary under President Bill Clinton during all of Greenspan's tenure—called him "in many ways the most powerful person in America" during that era.
"If any single person was responsible for the financial crisis of 2008, it was Greenspan."
"He maintained an iron grip over the Fed, and almost single-handedly decided on interest rates," Reich wrote. "He essentially fired George H. W. Bush by raising interest rates so high (ostensibly to ward off the inflation then threatening the economy) that the economy took a dive, and voters blamed Bush. This was enough to convince my boss, Bill Clinton, to do exactly what Greenspan wanted—which was to reduce the federal budget deficit and thereby destroy much of the agenda Clinton ran on (and I helped create)."
"I don’t want to speak ill of anyone who has passed. Greenspan was an extremely charming, intelligent, and thoughtful man," Reich added. "But the truth must be told: If any single person was responsible for the financial crisis of 2008, it was Greenspan. That crisis—the worst collapse since 1929, which led to the worst recession in decades, in which millions of Americans lost their jobs, savings, and even their homes—resulted from the deregulation of Wall Street that Greenspan advocated."
Former Greek Finance Minister Yanis Varoufakis wrote on X: "His epitaph? A singular, glorious confession, 'I found a flaw in my model of the world.' A flaw, he said, as though it were a leaky pipe, not a total collapse of the intellectual architecture that anointed him Oracle. For decades, he preached that the self-interest of the predator was the invisible hand of the common good.
"Then, in 2008, the beast devoured the table, and to his credit, he blinked, admitting that his entire worldview—the one that central bankers canonized and the world swallowed—was a fairy tale for rentiers," Varoufakis added. "He did not, of course, admit to culpability. That would require a moral compass, a device notably absent from his Ayn Randian toolbelt. No, he merely noted the flaw, as a meteorologist might note a gust of wind, and returned to his well-earned silence."
Born 10 miles from Wall Street in Manhattan's Washington Heights during one of the most infamous economic bubbles of all time, Greenspan was a protégé of libertarian writer and philosopher Ayn Rand and was influenced by the Atlas Shrugged author's moral defense of capitalism, her fierce advocacy of deregulation, and her insidious insistence that self-interest was socially beneficial.
Their relationship cooled as Greenspan embraced more mainstream economic policies despised by Rand and gradually became a leading steward of the very sort of state-shepherded system she deeply distrusted.
After heading President Gerald Ford's Council of Economic Advisers, Greenspan was appointed chair of the Fed by President Ronald Reagan in 1987. He would remain in the post well into George W. Bush's second term.
Greenspan generally favored low interest rates, especially after crises like the 1987 stock market crash, the 1998 Long-Term Capital Management crisis, and the 2001 recession. His fame grew after he suggested that the economy might be experiencing a tech-driven “productivity miracle," language that many investors took as validation that traditional valuation limits were obsolete.
Critics would later call it a "productivity mirage."
Staunch devotion to low interest rates by Greenspan's Fed boosted stock prices and real estate values under "easy money" policies. Many investors came to believe that the Fed would intervene aggressively whenever markets fell sharply—the so-called "Greenspan Put."
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