Greenspan, Alan

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Greenspan, Alan,

1926–, American economist, chairman of the Federal Reserve Board (1987–2006), b. New York City. Influenced by the philosophy of Ayn RandRand, Ayn
, 1905–82, American writer, b. St. Petersburg, Russia, as Alissa Rosenbaum. She came to the United States in 1926, became a citizen five years later, and worked for many years as a Hollywood screenwriter.
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, Greenspan is a strong supporter of the free market and an opponent of government intervention in the economy. He was private economic consultant (1954–74, 1977–87) and served (1974–77) as chairman of the Council of Economic Advisers during the administration of President Gerald FordFord, Gerald Rudolph,
1913–2006, 38th president of the United States (1974–77), b. Omaha, Nebr. He was originally named Leslie Lynch King, Jr., but his parents were divorced when he was two, and when his mother remarried he assumed the name of his stepfather.
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. From 1981 to 1983 he also chaired the bipartisan National Commission on Social Security Reform, which restructured the financing of the U.S. social security system to help assure its solvency.

In 1987 President Ronald Reagan appointed him chairman of the Federal Reserve SystemFederal Reserve System,
central banking system of the United States. Established in 1913, it began to operate in Nov., 1914. Its setup, although somewhat altered since its establishment, particularly by the Banking Act of 1935, has remained substantially the same.
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, replacing Paul VolckerVolcker, Paul Adolph,
1927–2019, American economist, government official, and banker, b. Cape May, N.J. After working as an under secretary in the Treasury Department (1969–74) and as president of the New York Federal Reserve Bank (1975–79), he was appointed
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. Reappointed by Presidents George H. W. Bush, Bill Clinton, and George W. Bush, he served in the office for nearly two decades. As Federal Reserve chairman, he earlier emphasized controlling inflation over promoting economic growth, but by 2003 a prolonged economic slowdown had shifted concern to possible deflation. During the 10-year expansion that began in 1991, Greenspan won widespread praise for what was regarded as the deft manipulation of interest rates, but the cutting of rates to historic lows during the 2001–3 slowdown only gradually produced the desired growth. A side effect, however, of the historically low interest rates was a significant increase in housing prices (in some parts of the country) and consumer indebtedness, both of which contributed to economic difficulties after Greenspan retired as Federal Reserve Board chairman in 2006. Greenspan's resistance in general to governmental regulation of financial markets also contributed to the economic crisis that began in 2007. Since retiring, he has headed an economic consulting firm and served in a number of advisory positions.


See his The Age of Turbulence (2007), The Map and the Territory: Risk, Human Nature, and the Future of Forecasting (2013), and Capitalism in America: A History (2018, with A. Wooldridge); biographies by J. Martin (2000) and S. Mallaby (2016); D. B. Sicilia and J. L. Cruikshank, The Greenspan Effect (1999); B. Woodward, Maestro: Greenspan's Fed and the American Boom (2000).

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Greenspan, Alan

(1926–  ) economist, government official; born in New York City. His firm, Townsend-Greenspan (1953–87), provided economic forecasts to corporations. He chaired the National Commission on Social Security Reform (1981–83), saving that system from bankruptcy. Chairman of the Federal Reserve Board (1987), he fought inflation with a tight money policy, keeping the federal discount rate high.
The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.
References in periodicals archive ?
Continue reading "Alan Greenspan: The Jew Who Killed the Banks?" at...
Calling Europe a leaking boat with holes, Alan Greenspan told CNBC that he did not believe in the financial or fiscal union of Europe.
Director of Belgium-based think tank VKW Metena, Overtveldt presents this timely book examining the professional lives of Federal Reserve chair Ben Bernanke and his predecessor Alan Greenspan. The author provides a general history of the Federal Reserve and its operation up through the financial crisis of 2008.
Is it a surprise to Alan Greenspan that the people on Wall Street -- said to be ruled only by the opposing instincts of greed and fear -- "got greedy?"
I could remind you that in February 2006 Alan Greenspan was made honorary economic adviser to one Gordon Brown.
Alan Greenspan is the perfect choice to discuss world economy's dominant issues nowadays.
Alan Greenspan served as the cChairman of the Board of Governors of the Federal Reserve System for 18 years being designated Chairman by Presidents Reagan, Bush, Clinton and Bush.
Former Fed Chairman Alan Greenspan's soon-to-be-published book is already sparking behind-the-scenes discussions.
Alan Greenspan, whose tenure lasted almost two decades, is the most celebrated Fed chief in the bank's nearly century-long history.
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With new Chairman Ben Bernanke successfully taking the reins from former Chairman Alan Greenspan, Ferguson decided it was the right time to resign.
Former Federal Reserve chairman Alan Greenspan warned, in uncharacteristically blunt terms, that global asset prices are too high.