(1926-03-06) March 6, 1926 (age 98) New York City, U.S.
Political party
Republican
Spouses
Joan Mitchell Blumenthal
(m. 1952; ann. 1953)
Andrea Mitchell
(m. 1997)
Education
New York University (BA, MA, PhD)
Columbia University
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.
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.
^Friedman, Benjamin M. (March 20, 2008). "Chairman Greenspan's Legacy". New York Review of Books. Vol. 55, no. 4. Archived from the original on March 5, 2016.
^Aversa, Jeannine (March 5, 2005). "Alan Greenspan Enjoys Rock Star Renown". Houston Chronicle. Retrieved December 7, 2011.
^Evans-Pritchard, Ambrose (September 17, 2007). "Greenspan Was More a Rock Star than a Feared Fed Sage". The Daily Telegraph. London. Archived from the original on January 12, 2022. Retrieved December 7, 2011.
^Stahl, Leslie (February 11, 2009). "Greenspan Defends Low Interest Rates". CBS News. Retrieved December 7, 2011.
^Woodruff, Judy; Reid, Harry (March 3, 2005). "Inside Politics". Washington DC: CNN. Archived from the original (Transcript of interview) on July 10, 2017. Retrieved June 14, 2022. Judy, you understand, I hope, that I'm not a big Greenspan fan -- Alan Greenspan fan. I voted against him the last two times. I think he's one of the biggest political hacks we have in Washington. The fact of the matter is, he told us when we were in power and Clinton was president the biggest problem facing the American people was the deficit. And we did something about it. We, during the Clinton years, paid down the debt by about a half a trillion dollars. Why doesn't he respond to the Republicans and tell them the big problem here is the debt that this administration is created?
^"Reid Sticks by Greenspan Comments". The Washington Times. March 5, 2005. Archived from the original on December 5, 2008. Retrieved October 24, 2008.
^Andrews, Edmund L. (March 3, 2005). "Greenspan says Federal Budget Deficits are 'Unsustainable'". The New York Times. Retrieved June 22, 2009.
^Hilsenrath, Jon; Di Leo, Luca & Derby, Michael S. (January 13, 2012). "Little Alarm Shown at Fed At Dawn of Housing Bust". The Wall Street Journal. Retrieved January 24, 2012.
^Teeter, Preston; Sandberg, Jorgen (2017). "Cracking the enigma of asset bubbles with narratives". Strategic Organization. 15 (1): 91–99. doi:10.1177/1476127016629880. S2CID 156163200.
^Shiller, Robert (June 20, 2005). "The Bubble's New Home". Barron's. Once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed. Where else could plungers apply their newly acquired trading talents? The materialistic display of the big house also has become a salve to bruised egos of disappointed stock investors. These days, the only thing that comes close to real estate as a national obsession is poker.
AlanGreenspan (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...
History is a 2018 book written by former chairman of the Federal Reserve AlanGreenspan and Adrian Wooldridge, political editor at The Economist. The book traces...
The Greenspan put was a monetary policy response to financial crises that AlanGreenspan, former chair of the Federal Reserve, exercised beginning with...
ambiguous statements. The strategy, which was used most prominently by AlanGreenspan, was used to prevent financial markets from overreacting to the chairman's...
with the surname include: AlanGreenspan (born 1926), American economist, former Federal Reserve Chairman Alison Greenspan (1972–2021), American film...
Jay Scott Greenspan (born September 23, 1959), known professionally as Jason Alexander, is an American actor and comedian. He played George Costanza in...
market turbulence signaled that the crisis would not be mild and brief. AlanGreenspan, ex-Chairman of the Federal Reserve, stated in March 2008 that the 2008...
McChesney Martin as the longest serving chair from 1951 to 1970 and AlanGreenspan as a close second. The president may not have the legal authority to...
Volcker did not seek a third term at the Fed and was succeeded by AlanGreenspan. After his retirement from the Board, he chaired the Economic Recovery...
of Economic Advisers before President Bush nominated him to succeed AlanGreenspan as chairman of the United States Federal Reserve. His first term began...
the U.S. housing market. Former U.S. Federal Reserve Board Chairman AlanGreenspan said "We had a bubble in housing", and also said in the wake of the...
legacy of AlanGreenspan, the Chairman of the Federal Reserve System from 1986 to January 2006. Senator Chris Dodd claimed that Greenspan created the...
exuberance" is the phrase used by the then-Federal Reserve Board chairman, AlanGreenspan, in a speech given at the American Enterprise Institute during the dot-com...
Holocaust. She married her second husband, then Federal Reserve Chair AlanGreenspan, on April 6, 1997, following a lengthy relationship. Previously, she...
in Economic Sciences laureate and professor at Harvard University. AlanGreenspan, Chairman of the Federal Reserve from 1987 to 2006. James Heckman, 2000...
experiencing significantly larger gains in income than the rest of society. AlanGreenspan, former chair of the Federal Reserve, sees it as a problem for society...
School argued that the Great Depression was the result of a credit bust. AlanGreenspan wrote that the bank failures of the 1930s were sparked by Great Britain...
on Social Security Reform, also known as the Greenspan Commission due to its chairmanship by AlanGreenspan, was a commission that was appointed by the...
part consisted of Leonard Peikoff, Nathaniel Branden, Barbara Branden, AlanGreenspan, and Allan Blumenthal. Nathaniel Branden, a young Canadian student who...
alumni include former chair of the Federal Reserve of the United States, AlanGreenspan; former CEO and current chairman of Nasdaq, Robert Greifeld; Iceland's...
asymmetric" (echoing AlanGreenspan's "irrational exuberance" quote from 1996), and that the "Powell Put" had become more extreme than the "Greenspan Put". Steven...
New World is a 2007 memoir of former Chairman of the Federal Reserve AlanGreenspan, co-authored by Peter Petre, a former executive editor at Fortune magazine...
their risk management is not effective. Some critics, such as economist AlanGreenspan, believe that such large organizations should be deliberately broken...
unemployment dropped. Yellen marshaled academic research to dissuade Chairman AlanGreenspan from committing the Fed to a zero inflation policy and demonstrate that...
original on June 16, 2016. Tuccille, Jerome (2002). Alan Shrugged: The Life and Times of AlanGreenspan, the World's Most Powerful Banker. Indianapolis,...
Exchange Commission in 1934. In his 2008 book, The Age of Turbulence, AlanGreenspan called the book "a font of investing wisdom" and noted that quotes from...