New York, New York , United States
|| March 06, 1926
|Last Modifed||Juan Croniqueur|
Nov 30, 2015 10:14pm
Jewish - Judaism -
|Info||Alan Greenspan, KBE, PhD (born March 6, 1926) is an American economist and Chairman of the Board of Governors of the Federal Reserve of the United States. He is considered by many to be the leading authority and key participant concerning American domestic economic and monetary policy. |
Dr. Greenspan was born to a Jewish family in New York City in 1926. He is known as an accomplished saxophone player and studied at Juilliard from 1943 to 1944. He received a B.S in Economics (summa cum laude) in 1948, an M.A in Economics in 1950, and was awarded a Ph.D. in Economics (without having to complete a dissertation) in 1977, all from New York University. He also attended Columbia University for advanced graduate study.
During the 1950s and 60s Greenspan was associated with author-philosopher Ayn Rand and her Objectivist movement, advocating unfettered capitalism as a social and economic philosophy. He wrote articles for Objectivist newsletters, and contributed several essays for Rand's 1966 book Capitalism: the Unknown Ideal. Greenspan continues to support a gold standard and advocate laissez-faire capitalism. His support for a gold standard is somewhat of an irony given the Federal Reserve's role in America's fiat money. He has come under heavy criticism from Objectivist philosophers, most notably Leonard Peikoff and Harry Binswanger, as they believe that working for the Federal Reserve is an abandonment of Objectivist and free market principles.
Before his appointment to the Federal Reserve System Board of Directors, Dr. Greenspan served as a corporate director for Aluminum Company of America (Alcoa); Automatic Data Processing, Inc.; Capital Cities/ABC, Inc.; General Foods, Inc.; J.P. Morgan & Co., Inc.; Morgan Guaranty Trust Company of New York; Mobil Corporation; and The Pittston Company.
From 1974 to 1977, he was Chairman of the Council of Economic Advisers under Gerald Ford.
American President Ronald Reagan nominated Alan Greenspan to succeed Paul Volcker. After the nomination, bond markets experienced their biggest one-day drop in 5 years. Some feared that Greenspan would be a more political chairman. The senate confirmed Greenspan on August 11.
Just two months after his confirmation he was faced with his first crisis, the 1987 stockmarket crash.
The most famous example of how his closely-parsed speeches affected stock markets was his December 5, 1996 comment about "irrational exuberance and unduly escalating stock prices" that led Japanese stocks to fall 3.2%.
On May 18, 2004, he was nominated by U.S. President George W. Bush to serve for an unprecedented fifth term as Chairman of the Federal Reserve. He has been appointed to this post by U.S. Presidents Ronald Reagan, George H. W. Bush and Bill Clinton.
Greenspan's term as a member of the Board is scheduled to end on January 31, 2006, and Ben Bernanke was nominated as his successor by President Bush on October 24, 2005. Bernanke is an existing Governor of the Fed, and his nomination is seen as a move to effect a smooth transition from Greenspan's leadership.
His honorary titles include Knight Commander of the British Empire, bestowed in 2002 and Commander of the Légion d'honneur (Legion of Honor). He married NBC journalist Andrea Mitchell in 1997.