Alan Greenspan Bio | Wiki
Alan Greenspan is an American economist. He is a former chair of the Federal Reserve in the United States. Greenspan held this role from 1987 to 2006. He currently works as a private adviser. Greenspan provides consulting for firms via his company called Greenspan Associates LLC. He was appointed as the Federal Reserve chairman for the first time by former USA President Ronald Reagan in August 1987. Later, Greenspan was reappointed at four-year successive intervals until he retired on January 31, 2006.
Greenspan joined the Federal Reserve Board after he resigned from his consulting career. He was subdued in his public appearances but favorable media coverage raised his profile. Greenspan became prominent such that several observers likened him to a “rock star”. Greenspan was criticized by Democratic leaders of Congress for politicizing his office as a result of his full support for Social Security privatization and tax cuts.
The “easy-money” policies of the Fed during Greenspan’s tenure, including the practice called “Greenspan put”, have been suggested to be the leading cause of the dot-com bubble, and also the subprime mortgage crisis that occurred within a year of Greenspan leaving the Fed. Yale economist Robert Shiller in his opinion argues that “once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed”.
On the other hand, Greenspan argues that the housing bubble was not a result of low-interest short-term rates. Instead, it was a worldwide phenomenon that was caused by the progressive decline in long-term interest rates. it was a direct effect of the relationship between high savings rates in the developing world and its inverse in the developed world.
Alan Greenspan Age
He was born on March 6, 1926, in the Washington Heights area of New York City, United States. Greenspan is 95 years old.
Alan Greenspan Height
He is a man of above-average stature. Greenspan stands at a height of 5 ft 11 in ( Approx 1.8m).
Alan Greenspan Family
He was born to his Romanian Jewish descent father, Herbert Greenspan, and his Hungarian Jewish descent mother, Rose Goldsmith. Greenspan was raised by his mother after his parents divorced. He grew up in the household of his maternal grandparents who originated from Russia. Greenspan’s father served as a stockbroker and market analyst in New York City.
Alan Greenspan Andrea Mitchell
He is married to Andrea Michell. The couple married via Supreme Court Justice Ruth Bader Ginsburg in 1997. Before his marriage to the American journalist Andrea Michell, Greenspan had married Canadian artist Joan Mitchell in 1952 as his first wife. However, the couple ended their marriage in divorce less than a year later. Greenspan then dated a newswoman Barbara Walters in the late 1970s. In 1984, he began dating his current wife Andrea Mitchell. At that time, Greenspan was 58 and Mitchell was 38.
Alan Greenspan Education
He joined George Washington High School in 1940and graduated in June 1943. One of his classmates was John Kemeny. Later, Greenspan studied clarinet at the Juilliard School from 1943 to 1944. In 1945, Greenspan joined New York University’s Stern School of Business for his B.A. degree in economics which he earned in 1948.
Later, Greenspan earned an M.A. degree in economics in 1950 still from New York University’s Stern School of Business. He as well pursued advanced economic studies under Arthur Burns at Columbia University. However, Greenspan dropped because of his increasing work demand at Townsend Greenspan & Company. In 1977, he earned a Ph.D. in economics from New York University.
Alan Greenspan Quotes
-Any informed borrower is simply less vulnerable to fraud and abuse.
-Finance is wholly different from the rest of the economy
-I’m a free-market economist from years and years back, and I’ve never veered from that.
-Unless you are willing to compromise, society cannot live together.
-Whatever you tax, you get less
-Any informed borrower is simply less vulnerable to fraud and abuse.
-But rules cannot substitute for character.
-Rules cannot take the place of character.
-Productivity is notoriously difficult to predict.
-The process of innovation is, of course, never-ending.
Alan Greenspan Book
His latest book titled China’s Economy: History, Trends, Challenges, and Implications for the World Paperback, published on January 21, 2019, talks about the USA economy. In this book, Greenspan explains how China has shifted from a centrally planned to a more market-based economy since initiating market reforms in 1978.
Alan Greenspan Ayn Rand
Alan Greenspan Irrational Exuberance
The then-Federal Reserve Board chairman, Greenspan, used the phrase”Irrational exuberance” in a speech given at the American Enterprise Institute. The speech was given during the dot-com bubble of the 1990s. Later, the phrase interpreted as a warning that the stock market could be overvalued.
Alan Greenspan 2020
The incoming administration of the current USA President Joe Biden had its work cut out for it. Getting the Coronavirus under control in 2020 was the number one priority, according to Greenspan, the former Federal Reserve Chairman, a move that could help save the economy. During an interview with CNN’s Julia Chatterley on her show called the First Move on November 19, 2020, Greenspan said, and l quote; “I’ve never seen a particular situation during my professional experience anything like this,” As a boy, he lived through the Great Depression although he wasn’t working in finance by then.
Alan Greenspan 2019
In an interview with Sara Eisen from CNBC in April 2019, Greenspan said that economic growth could not last as the United State labored under the burden of growing entitlement programs and weakness around the world. He repeated his warnings about the weight that Social Security, Medicare as well as other programs had on what had been otherwise solid gains over the past few years. “I think the real problem is over the long run, we’ve got this significant continued drain coming from entitlements, which are basically draining capital investment dollar for dollar.” He said
Alan Greenspan 2009
On March 11, 2009, Greenspan wrote an article that stated that the USA and the whole world were in the midst of a global crisis that could unquestionably rank as the most virulent since the 1930s. Eventually, the crisis would subside and pass into history. But it could only matter how the interacting and reinforcing causes, as well as the effects of the severe contraction, interpreted in shaping the reconfiguration of the disabled global financial system of the time.
Alan Greenspan 2008
Bear Stearns was saved from bankruptcy in early 2008, in a distress sale to JPMorgan Chase. Lehman Brothers collapsed altogether in September the same year and the Bush Treasury initiated a $700 billion bailout of commercial as well as investment banks. As a result, many observers blamed Greenspan for his extreme monetary easing in the early 2000s for the debacle where he made credit too cheap. They argued that if only regulatory vigilance could have prevented the excesses, Greenspan would have none of it.
In congressional hearings in 2008 after his retirement in 2006, Greenspan testified before a House committee chaired by Henry Waxman that he made a big mistake in presuming that the self-interest of organizations ( banks and others) were capable of protecting their own shareholders as well as their equity in the firms.
Alan Greenspan 2007
When Greenspan raised rates on which adjustable-rate mortgage based in 2004, the clock started to tick. The rates on tens of billions of dollars of ARMs reset upward in 2006. In the same year, default rates on mortgages began to rise at a rapid rate and home prices started to fall for the first time ever. In 2007, two hedge funds at Bear Stearns went broke in 2007 and the worst credit crisis got underway since the Great Depression.
Alan Greenspan 2005
Between 2000 and 2005 house prices rose faster than at any time in modern history according to Wellesley 246 age of greed economist Karl Case and also Yale’s Robert Shiller. Also, the number of mortgages exploded. However, when Greenspan raised rates in 2004, the clock began to tick and the rates on tens of billions of dollars of ARMs reset upward in 2006
Alan Greenspan Net Worth
As an American Economist, Scientist, Politician, he has accumulated a decent fortune. At the age of 95 years, and as a retired Federal Reserve chairman, Greenspan has an estimated net worth of $20 million.