Alan Greenspan
American economist and financial advisor / From Wikipedia, the free encyclopedia
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Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He worked as a private adviser and provided consulting for firms through his company, Greenspan Associates LLC.
Alan Greenspan | |
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13th Chairman of the Federal Reserve | |
In office August 11, 1987 – January 31, 2006 | |
President | |
Deputy | |
Preceded by | Paul Volcker |
Succeeded by | Ben Bernanke |
Member of the Federal Reserve Board of Governors | |
In office August 11, 1987 – January 31, 2006 | |
President |
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Preceded by | Paul Volcker |
Succeeded by | Ben Bernanke |
10th Chairman of the Council of Economic Advisers | |
In office September 4, 1974 – January 20, 1977 | |
President | Gerald Ford |
Preceded by | Herbert Stein |
Succeeded by | Charles Schultze |
Personal details | |
Born | (1926-03-06) March 6, 1926 (age 98) New York City, U.S. |
Political party | Republican |
Spouses | |
Education | |
First nominated to the Federal Reserve by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position, behind only William McChesney Martin.[1] President George W. Bush appointed Ben Bernanke as his successor. Greenspan came to the Federal Reserve Board from a consulting career. Although he was subdued in his public appearances, favorable media coverage raised his profile to a point that several observers likened him to a "rock star".[2][3][4] Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization[5][6] and tax cuts.[7]
Many have argued that the "easy-money" policies of the Fed during Greenspan's tenure, including the practice known as the "Greenspan put", were a leading cause of the dot-com bubble and subprime mortgage crisis (the latter occurring within a year of his leaving the Fed), which, said The Wall Street Journal, "tarnished his reputation".[8][9] Yale economist Robert Shiller argues that "once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed".[10] Greenspan argues that the housing bubble was not a result of low-interest short-term rates but rather a worldwide phenomenon caused by the progressive decline in long-term interest rates – a direct consequence of the relationship between high savings rates in the developing world and its inverse in the developed world.