Alan Greenspan

Alan Greenspan
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Name	Alan Greenspan
Caption	Greenspan in 2002
Office	13th Chair of the Federal Reserve
President	Ronald Reagan, George H. W. Bush, Bill Clinton, George W. Bush
Term start	August 11, 1987
Term end	January 31, 2006
Predecessor	Paul Volcker
Successor	Ben Bernanke
Birth date	6 March 1926
Birth place	New York City, U.S.
Party	Republican (1950s–1970s; 2008–present), Independent (1970s–2008)
Spouse	Joan Mitchell (m. 1952; div. 1953), Andrea Mitchell (m. 1997)
Education	Juilliard School, New York University (BS, MA), Columbia University (non-degree)

Alan Greenspan served as the 13th chair of the Federal Reserve, the central bank of the United States, from 1987 to 2006. His tenure spanned the administrations of four presidents, from Ronald Reagan to George W. Bush, and included significant events like the 1987 stock market crash, the dot-com bubble, and the September 11 attacks. A disciple of Ayn Rand and a leading advocate of free market principles, his legacy is deeply intertwined with debates over monetary policy, financial deregulation, and the origins of the 2008 financial crisis.

Early life and education

Born in the Washington Heights neighborhood of New York City, he showed an early aptitude for mathematics and music. He attended George Washington High School and studied clarinet at the Juilliard School before touring with the Henry Jerome orchestra. He later enrolled at New York University, earning a Bachelor of Science in economics in 1948 and a Master of Arts in 1950. He pursued further graduate studies at Columbia University under economist Arthur Burns, though he did not complete a doctorate there.

Career at the Federal Reserve

Appointed by President Ronald Reagan in 1987 to succeed Paul Volcker, he faced an immediate test with the stock market crash that October. His response of providing liquidity is widely credited with calming markets. During the 1990s, his leadership at the Federal Open Market Committee was associated with a period of sustained growth, low inflation, and low unemployment, an era some termed "The Great Moderation." He oversaw the Fed's response to the 1997 Asian financial crisis, the Long-Term Capital Management collapse, and the aftermath of the September 11 attacks. His final term concluded in 2006, when he was succeeded by Ben Bernanke.

Economic views and philosophy

A longtime adherent of the objectivist philosophy of Ayn Rand, he was a proponent of laissez-faire capitalism and financial deregulation. His monetary policy approach was often described as pragmatic, relying heavily on data analysis, but his deep-seated belief in market rationality led him to champion policies like the repeal of the Glass–Steagall legislation and opposition to the regulation of derivatives. He famously expressed concern about "irrational exuberance" in asset markets in a 1996 speech. His views were influential within the Washington Consensus and shaped global economic policy for decades.

Post-Fed career and legacy

After leaving the Federal Reserve, he founded Greenspan Associates LLC, a consulting firm. His 2007 memoir, The Age of Turbulence, was a bestseller. His reputation was profoundly scrutinized following the Financial crisis of 2007–2008, with critics arguing his policies fostered the subprime mortgage crisis. In a notable 2008 testimony before the House Oversight Committee, he conceded a "flaw" in his ideological worldview. He has since received honors like the Presidential Medal of Freedom and served as an advisor to firms like Deutsche Bank and the PIMCO.

Personal life

His first marriage was to artist Joan Mitchell in 1952, ending in annulment a year later. In 1997, he married NBC News chief foreign affairs correspondent Andrea Mitchell. A dedicated student of economic data, he was known for his meticulous preparation and often cryptic public statements. His interests include tennis and classical music. He has maintained residences in Washington, D.C. and New York City.

Category:American economists Category:Chairs of the Federal Reserve Category:1926 births