Alan Greenspan Biography
Alan Greenspan is an American economist and private adviser. He served as the Chair of the Federal Reserve of the United States from 1987 to 2006. He currently provides consulting for firms through his company, Greenspan Associates LLC. Coming from a consulting career, he was first appointed Federal Reserve chairman by President Ronald Reagan in August 1987.
He was reappointed at successive four-year intervals until his retirement on 31st January 2006. He was the second-longest serving Chair of the Federal Reserve after William McChesney Martin. 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”.
He was criticized by Democratic leaders of Congress for politicizing his office. This was because of his support for Social Security privatization and tax cuts, which they felt would increase the deficit. The easy-money policies of the Fed during Greenspan’s tenure have been suggested by some to be a leading cause of the dotcom bubble.
His policies too have been labelled as the cause of the subprime mortgage crisis. The Wall Street Journal, noted that the policies “tarnished his reputation.
Greenspan attended George Washington High School from 1940 until he graduated in June 1943. He further studied clarinet at the Juilliard School from 1943 to 1944. The following year, he joined New York University’s Stern School of Business. He graduated with a B.A. degree in economics summa cum laude in 1948.
Two years later he graduated with an M.A. degree in economics from the same institution. At Columbia University, he pursued advanced economic studies under Arthur Burns. He however dropped out later. He obtained a Ph.D. in economics from New York University in 1977. His dissertation is not available from the university. This is because it was removed at Greenspan’s request in 1987, when he became Chairman of the Federal Reserve Board.
Before Becoming Chair of Federal Reserve
Greenspan worked under Eugene Banks, a managing director at the Wall Street investment bank Brown Brothers Harriman. He worked in the firm’s equity research department. This was during his economics studies at New York University. Betweeen 1948 and 1953, he worked as an analyst at The National Industrial Conference Board.
From 1955 to 1987, when he was appointed chairman of the Federal Reserve, Greenspan was chairman and president of Townsend-Greenspan & Co., Inc. He agreed to serve Richard Nixon as his coordinator on domestic policy in the nomination campaign in mid 168. Greenspan has also served as a corporate director for Aluminum Company of America (Alcoa);
Among other places he served include; Automatic Data Processing, Capital Cities/ABC, Inc., General Foods, J.P. Morgan & Co., Morgan Guaranty Trust Company, Mobil Corporation and the Pittston Company. He also served the director of the Council on Foreign Relations foreign policy organization between 1982 and 1988. In 1984, he also served as a member of the influential Washington-based financial advisory body, the Group of Thirty.
After the Fed
Greenspan formed an economic consulting firm, Greenspan Associates LLC immediately after leaving the Fed. He also accepted an honorary (unpaid) position at HM Treasury in the United Kingdom. He forecasted a possible recession in the U.S before or in early 2008 on 26th February, 2007. The following day, the Dow Jones Industrial Average decreased by 416 points, losing 3.3% of its value.
In May 2007, Greenspan was hired as a special consultant by Pacific Investment Management Company (PIMCO) to participate in their quarterly economic forums and speak privately with the bond managers about Fed interest rate policy. In January 2008, hedge fund Paulson & Co. hired Greenspan as an adviser. According to the terms of their agreement he was not to advise any other hedge fund while working for Paulson.
Alan Greenspan Age
Greenspan was born in New York City, New York, United States of America. He was born on 6th March 1926.
Alan Greenspan Net Worth
The former Federal reserve chairman is a great economist. He can send global markets into a tizzy by just uttering the word recession. His 18-year tenure as the Fed chairman has cemented him as an in-demand speaker who can command as much as $100,000 per speech. Apart from that, he is an established business man. He runs a healthy consulting business that banks him a roughly $8 million. He has an approximated net worth of more than $20 million.
Alan Greenspan Family
Greenspan was born in the Washington Heights area of New York City. He is the son of Herbert Greenspan and Rose Goldsmith. His father was of Romanian Jewish descent while his mother was of Hungarian Jewish descent. They divorced when Greenspan was very young. He grew up with his mother in the household of his maternal grandparents. His grandparents who were born in Russia. His father worked as a stockbroker and market analyst in New York City.
Alan Greenspan Wife | Alan Greenspan Children | Joan Mitchell Alan Greenspan
Ironically Green span has spent most part of his entire life stabilizing currency, however he has not had a stable love life. He has suffered some blows in his marriage life though not major ones. Greenspan has married twice. His first marriage was to a Canadian artist named Joan Mitchell. The two got married in 1952. Their marriage was however annulled less than a year later.
He dated newswoman Barbara Walters in the late 1970s. Their relationship however did not see then tie the knot. In 1984, Greenspan began dating journalist Andrea Mitchell. They got married 13 years later in 1997. Mitchell is 20 years younger. They were married by Supreme Court Justice Ruth Bader Ginsburg.
There is no information about his children.
Alan Greenspan Books
- Capitalism in America: A History, 2018
- Finance and Economics Discussion Series: Motor Vehicle Stocks, Scrappage, and Sales, 2015
- The Map and the Territory 2.0: Risk, Human Nature, and the Future of Forecasting, 2014
- The Map and the Territory: Risk, Human Nature, and the Future of Forecasting, 2013
- Finance and Economics Discussion Series: Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-
- Four-Family Residences, 2013
- Finance and Economics Discussion Series: Sources and Uses of Equity Extracted from Homes, 2013
- The Age of Turbulence: Adventures in a New World, 2007
- The Quotations of Chairman Greenspan: Words from the Man Who Can Shake the World, 2000
- William Taylor Memorial Lectures 3: Global Risk Management, 1996
- 1993 Monetary Policy Objectives: midyear review of the Federal Reserve Board, 1993
Alan Greenspan Quotes
- In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
- I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
- Any informed borrower is simply less vulnerable to fraud and abuse.
- History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
- We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real