He said Kelley's work to get the Fed system prepared for the Y-2K computer change greatly contributed to the success the Fed had in operating in crisis mode following the Sept. 11, 2001, terrorist attacks.
"This is the worst period I recall since I've been in public service. There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems," Mr. Greenspan told CNBC. "This has a corrosive effect that is not easy to go away."
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