Final answer:
The question seems to misinterpret 'Greenspan's 7 Elements' as there is no widely recognized concept by that name associated with Alan Greenspan. Instead, his tenure is characterized by his economic policies of low interest rates and minimal regulation, which have been both praised and criticized, especially in light of the 2008 financial crisis.
Step-by-step explanation:
The Greenspan's 7 Elements for Complete Description appear to be a non-specific term and may not refer to a well-defined set of principles or guidelines. However, based on the context provided, it seems the question might be asking about the legacy and principles related to the tenure of Alan Greenspan as Chair of the Federal Reserve. Greenspan's tenure is noted for its impact on economic policy, particularly concerning interest rates and regulation. During his tenure, Greenspan faced criticism for keeping interest rates low for an extended period, which some argue contributed to the housing bubble and the subsequent financial crisis of 2008.
Greenspan admitted to Congress in 2008 that he made a mistake in assuming that banks would protect their own interests and shareholders. This admission, alongside the financial crisis, sparked a debate over the adequacy of regulations and the role of the Federal Reserve in managing the economy. Despite supporting some additional regulations, Greenspan also cautioned against overregulation, emphasizing that such measures could stifle economic growth and lower standards of living.
Some politicians, including Alan Greenspan and his successor Ben Bernanke, were criticized for their belief in economic American exceptionalism, which was challenged during the financial crisis. Despite their confidence, the U.S. economy was not immune to risks and proved vulnerable to similar challenges faced by economies worldwide.