Web Quotableonline.com Frasescelebres.org Greatbookscollection.org

Alan Greenspan, Order of the British Empire|KBE,
Doctor of Philosophy|PhD (born March 6, 1926) is
an United States|American economist and Chairman
of the Federal Reserve|Chairman of the Board of
Governors of the Federal Reserve of the United
States. He is considered by many to be the leading
authority and key participant concerning American
domestic economic and monetary policy. For
example, he has been instrumental in how the U.S.
government deals with inflation.

Greenspan was born in New York City in 1926.  He
received a Bachelor of Science|B.S in Economics
(summa cum laude) in 1948, an Master's Degree|M.A
in Economics in 1950, and was awarded a Doctor of
Philosophy|Ph.D. in Economics (without having to
complete a dissertation) in 1977, all from New
York University.  He also attended Columbia
University for advanced graduate study. 

During the 50's and 60's Greenspan was associated
with author-philosopher Ayn Rand and her
Objectivist movement, advocating unfettered
capitalism as a social and economic philosophy. He
wrote articles for Objectivist newsletters, and
contributed several essays for Rand's 1966 book
Capitalism: the Unknown Ideal. Greenspan was also
a strong advocate of the gold standard, somewhat
of an irony given the Federal Reserve's role in
America's fiat money.

During his career, Greenspan served on numerous
corporate boards, where he gained useful insights
for his role at the Federal Reserve.

Today Dr. Greenspan is Chairman of the Federal
Reserve|United States Federal Reserve Board, an
office he first took on August 11, 1987. On May
18, 2004, he was nominated by President George W.
Bush to serve for an unprecedented fifth term. He
has been appointed to this post by President of
the United States|U.S. Presidents Ronald Reagan,
George H. W. Bush, and Bill Clinton. From 1974 to
1977, he was Chairman of the Council of Economic
Advisers under Gerald Ford.
His honorary titles include Order of the British
Empire|Knight Commander of the British Empire,
bestowed in 2002 and Commander of the Légion
d'honneur (Legion of Honor).

He married NBC journalist Andrea Mitchell in 1997.

Greenspan's term as a member of the Board ends on
January 31 2006. His appointment as Chairman of
the Federal Reserve does not expire until June of
2008 however, and he could choose to serve his
complete term as chairman without being a member
of the board.  According to the statutes which
govern the Federal Reserve, Greenspan could
continue to serve until his replacement had been
appointed and approved by the senate.  Therefore,
Greenspan could continue serving indefinitely if
the President or Senate delayed designating his
replacement.

If Greenspan were to serve until June 10, 2006, he
would become the longest-serving Chairman ever,
exceeding the 18 years, nine months and 29 days
served by William McChesney Martin Jr., from 1951
to 1970.
http://www.washingtonpost.com/wp-dyn/content/artic
le/2005/05/17/AR2005051701586.html

== Quotations ==

* "But how do we know when Irrational exuberance
(finance)|irrational exuberance has unduly
escalated asset values, which then become subject
to unexpected and prolonged contractions as they
have in Japan over the past decade?", Francis
Boyer Lecture of American Enterprise Institute|The
American Enterprise Institute for Public Policy
Research, Washington, D.C., December 5, 1996
http://www.federalreserve.gov/boarddocs/speeches/1
996/19961205.htm

* "Once stock prices reach the point at which it
is hard to value them by logical methodology,
stocks will be bought as they were in the late
1920s not for investment but to be unloaded at a
still higher price. The ensuing break could be
disastrous because panic psychology cannot be
summarily altered or reversed by easing money
policies." Greenspan in 1959.
http://www.safehaven.com/article-171.htm

* "An almost hysterical antagonism toward the gold
standard is one issue which unites
statism|statists of all persuasions. They seem to
sense - perhaps more clearly and subtly than many
consistent defenders of laissez-faire - that gold
and economic freedom are inseparable, that the
gold standard is an instrument of laissez-faire
and that each implies and requires the other."
"http://www.321gold.com/fed/greenspan/1966.html
Gold and Economic Freedom", by Alan Greenspan,
1966.

== External links ==
*
http://www.foreignpolicy.com/story/files/story2747
.php "Think Again: Alan Greenspan" from
http://www.foreignpolicy.comForeign Policy
Magazine
* http://www.federalreserve.gov/bios/greenspan.htm
Official Federal Reserve biography
*
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/1
9961205.htm 1996 speech by Greenspan about the
challenges of central banking
*
http://www.federalreserve.gov/BoardDocs/speeches/2
003/20030404/default.htm 2003 speech by Greenspan
about "Market Economies and Rule of Law"
*http://www.buyandhold.com/bh/en/education/history
/2000/1700.html Educate Yourself-Greenspan --The
Chairman...through the years
*http://www.newsmeat.com/washington_political_dona
tions/Alan_Greenspan.php Alan Greenspan's
political donations
* http://news.bbc.co.uk/1/hi/business/4188716.stm
Greenspan Warns on Protectionism, BBC News, 26
August 2005 

===Criticism===
*http://www.fleckensteincapital.com/old_raps/frien
d_or_foe.htm Fleck on Greenspan
*http://www.mises.org/econsense/ch83.asp Making
Economic Sense - Chapter 83

start box
succession box|
 before=Paul Volcker|
 title=Chairman of the Federal Reserve|
 after=—|
 years=1987–

end box

USFedRes