Alan Greenspan is an American economist who served as Chair of the Federal Reserve of the United States from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. Greenspan argues that the housing bubble was not a product of short term low-interest rates but rather a worldwide phenomenon caused by the progressive decline in long-term interest rates.
About Alan Greenspan in brief
Alan Greenspan is an American economist who served as Chair of the Federal Reserve of the United States from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. The easy-money policies of the Fed during Greenspan’s tenure have been suggested to be a leading cause of the dotcom bubble, and the subprime mortgage crisis. Greenspan argues that the housing bubble was not a product of short term low-interest rates but rather a worldwide phenomenon caused by the progressive decline in long-term interest rates. He has also served as a corporate director for Aluminum Company of America ; Automatic Data Processing; Capital CitiesABC, Inc. ; General Foods; J. P. Morgan & Co. ; J.P. Morgan Foreign Relations foreign policy organization. He was a director of the Council of Foreign Relations on Foreign Relations between 1982 and 1988. He also served on the influential Washington-based financial body, the Group of Thirty in 1984. He is the son of Herbert Greenspan, a stockbroker and market analyst in New York City, and Rose Goldsmith, a Hungarian Jewish woman. He attended George Washington High School from 1940 until he graduated in June 1943. He played clarinet and saxophone along with Stan Getz. He further studied clarinet at the Juilliard School from 1943 to 1944. He earned a B. A. degree in economics summa cum laude in 1948 and an M.A. degree in economics in 1950. In 1977, he obtained a Ph.
D. in economics from New York University. He worked as an analyst at The National Industrial Conference Board from 1948 to 1953, a business- and industry-oriented think tank in NYC. He served as chairman and president of Townsend-Greenspan & Co., Inc. from 1955 to 1987, when he was appointed chairman of the federal Reserve Board. In mid-1968, he agreed to serve Richard Nixon as his coordinator on domestic policy in the nomination campaign. In June 1987, President Ronald Reagan nominated Greenspan as a successor to Paul Volcker as chairman of The Federal Reserve. The Senate confirmed him on August 11, 1987. Two months after his confirmation Greenspan said immediately following the 1987 stock market crash that the Fed would serve as a source of liquidity to support the economic and financial system. He said this after the announcement followed its announcement with its announcement of its monetary policy changes. He retired on January 31, 2006, after the second-longest tenure in the position. Greenspan came to the Federal Fed Board from a consulting career. He has said that Greenspan lobbied to get this chairmanship, and Jim Rogers, author and commentator, has said he did not do it on his own, but for the benefit of the country. He says he did it because he wanted to help the U.S. economy recover from the Great Recession and the ensuing Great Depression. He died on January 30, 2008. He had a son, Alan, who is a lawyer.
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