Alan Greenspan

Alan Greenspan is one of the worlds most successful economists. He was born into a Jewish family in New York City on March 6, 1926. Mr.. Greenspan has accomplished many things. He is a known famous saxophone player who studied at Juilliard from 1943 to 1944. He received a bachelor degree in economics in 1948, a M.A. in economics in 1950, and a Ph. D. in economics in 1977, from the New York University. He has also studied at Columbia University.

Way back in June of 1987, President Ronald Regan nominated Mr.. Greenspan to succeed Paul Volcker. Right after the nomination, bond markets had the biggest one day drop in five years. People feared Alan Greenspan could not handle this, and obviously he proved them wrong. After his confirmation Mr.. Greenspan had to deal with his very first crisis, the 1987 stock market crash. He most influential speech on the stock market was his December 5, 1996 comment about (irrational exuberance and unduly escalating stock prices. This speech led Japanese stocks to fall 3.2%.

Before Alan Greenspan's appointment to the Federal Reserve System Board of Directors, he served as a corporate director for Aluminum Company of America, the Automatic Data Processing Inc, The capital Cities/ABC Inc, General Foods Inc, J.P. Morgan & Co Inc, Morgan Guaranty Trust Company of New York, Mobil Corporation, and The Pittston Company. He was also Chairman of the Council of Economics Advisers under President Gerald Ford from 1974 to 1977. Then, on May 18, 2004 he was nominated by President George W. Bush to serve for a fifth term as Chairman of the Federal Reserve. He has been appointed to this not only by George W. Bush, but also by, Presidents Ronald Regan, George H. W. Bush, and Bill Clinton. by Alan Greenspan is our current Chairman of the Federal Reserve Board. Basically the Chairman of the Fed is responsible for helping to create all of the decisions concerning the flow of money that reaches the public. He is partially responsible for this non-stop