Alan Greenspan facts for kids
Quick facts for kids
Alan Greenspan
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| 13th Chairman of the Federal Reserve | |
| In office August 11, 1987 – January 31, 2006 |
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| President | |
| Deputy |
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| Preceded by | Paul Volcker |
| Succeeded by | Ben Bernanke |
| Member of the Federal Reserve Board of Governors | |
| In office August 11, 1987 – January 31, 2006 |
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| President |
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| Preceded by | Paul Volcker |
| Succeeded by | Ben Bernanke |
| 10th Chairman of the Council of Economic Advisers | |
| In office September 4, 1974 – January 20, 1977 |
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| President | Gerald Ford |
| Preceded by | Herbert Stein |
| Succeeded by | Charles Schultze |
| Personal details | |
| Born | March 6, 1926 New York City, U.S. |
| Political party | Republican |
| Spouses | |
| Education | |
Alan Greenspan (born March 6, 1926) is an American economist. He is best known for being the 13th chairman of the Federal Reserve. This is like the central bank of the United States. He held this important job from 1987 to 2006. After leaving the Fed, he worked as a private advisor. He also provided consulting services through his own company.
President Ronald Reagan first chose Greenspan for the Federal Reserve in 1987. He was reappointed several times by different presidents. He served for almost 19 years. This was the second-longest time anyone held that position. President George W. Bush chose Ben Bernanke to take over after Greenspan retired.
During his time, some people said his policies made it too easy to borrow money. They believed this helped cause economic problems. These included the "dot-com bubble" and the "subprime mortgage crisis." These events happened around the time he left the Fed. Greenspan, however, argued that global trends caused these issues.
Contents
Early Life and Education
Alan Greenspan was born in New York City. His family had roots in Romania and Hungary. He grew up with his mother and grandparents. His father worked as a stockbroker.
Greenspan went to George Washington High School. He played music, including clarinet and saxophone. He even studied clarinet at the Juilliard School. Later, he went to New York University. He earned degrees in economics there. He also studied at Columbia University. In 1977, he received his PhD in economics from New York University.
Career Highlights
Before Leading the Federal Reserve
Before his big role at the Federal Reserve, Greenspan worked in finance. He was an analyst at a business research group. From 1955 to 1987, he led his own economics consulting firm.
He also worked for the government. From 1974 to 1977, he was the chairman of the Council of Economic Advisers. This was under President Gerald Ford. Greenspan also served on the boards of several large companies.
Leading the Federal Reserve
On August 11, 1987, Alan Greenspan became the chairman of the Federal Reserve. This is a very powerful position. He was chosen by President Ronald Reagan.
Soon after, in October 1987, the stock market crashed. It was called "Black Monday." Greenspan quickly announced that the Fed would help. They would provide money to support the economy. This action helped calm the markets.
President Bill Clinton also reappointed Greenspan. Clinton often asked him for advice on the economy. Greenspan supported Clinton's plan to reduce government debt.
In the early 2000s, Greenspan made some important decisions. He raised interest rates several times. Many people think this helped burst the "dot-com bubble." This was when many internet company stocks lost a lot of value.
After the September 11 attacks in 2001, the economy was struggling. Greenspan's Federal Reserve cut interest rates. This was to help the economy recover. He also spoke about the need for financial markets to be better regulated.
Greenspan believed that oil supply was very important for the economy. He advised President George W. Bush on this. He thought that disruptions to oil flow could harm the global economy.
President George W. Bush nominated Greenspan for a fifth term in 2004. He was the first person to serve under four different presidents. His term ended on January 31, 2006. Ben Bernanke took over his role.
After Leaving the Federal Reserve
After leaving the Federal Reserve, Greenspan started his own consulting firm. He also took an unpaid position in the United Kingdom's government.
He continued to share his economic predictions. In 2007, he predicted a possible recession in the U.S. He also advised investment companies and hedge funds.
Greenspan wrote a book called The Age of Turbulence: Adventures in a New World. It was published in 2007. In his book, he talked about his time in government. He also shared his thoughts on capitalism and the global economy. He even criticized some political leaders for their spending habits.
His Economic Ideas
Greenspan was influenced by a philosophy called Objectivism. This idea focuses on individual freedom and free markets. He was friends with the writer Ayn Rand. He wrote articles supporting the gold standard. This is a system where a country's currency is linked to gold.
He believed that free markets were the best way to run an economy. However, he also admitted that sometimes things don't work as expected. He said that errors came from how competitive markets were applied.
Personal Life
Alan Greenspan has been married twice. His first marriage was short. In 1997, he married journalist Andrea Mitchell. They were married by Supreme Court Justice Ruth Bader Ginsburg.
Honors and Awards
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Greenspan has received many awards for his public service.
- He received the Presidential Medal of Freedom in 2005. This is the highest award for a civilian in the U.S.
- He also received the Department of Defense Medal for Distinguished Public Service.
- France made him a Commander of the Legion of Honour in 2000.
- Queen Elizabeth II gave him an honorary knighthood in 2002. This made him a Knight Commander of the Order of the British Empire.
He has also received many honorary degrees from universities.
- Honorary Degrees
| Location | Date | School | Degree | Gave Commencement Address |
|---|---|---|---|---|
 Indiana |
May 21, 1995 | University of Notre Dame | Doctor of Laws (LL.D) | |
 Pennsylvania |
1998 | University of Pennsylvania | Doctor of Laws (LL.D) | |
 Massachusetts |
June 10, 1999 | Harvard University | Doctor of Laws (LL.D) | Yes |
 Connecticut |
1999 | Yale University | Doctor of Humane Letters (DHL) | |
 Scotland |
2005 | University of Edinburgh | Doctorate | |
 New York |
December 14, 2005 | New York University | Doctor of Commercial Science |
Books by Alan Greenspan
- 1993 Monetary Policy Objectives: midyear review of the Federal Reserve Board (1993)
- William Taylor Memorial Lectures 3: Global Risk Management (1996)
- The Quotations of Chairman Greenspan: Words from the Man Who Can Shake the World (2000)
- The Age of Turbulence: Adventures in a New World (2007)
- Finance and Economics Discussion Series: Sources and Uses of Equity Extracted from Homes (2013)
- Finance and Economics Discussion Series: Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences (2013)
- The Map and the Territory: Risk, Human Nature, and the Future of Forecasting (2013)
- The Map and the Territory 2.0: Risk, Human Nature, and the Future of Forecasting (2014)
- Finance and Economics Discussion Series: Motor Vehicle Stocks, Scrappage, and Sales (2015)
- Capitalism in America: A History (2018)
See Also
In Spanish: Alan Greenspan para niños
- List of United States political appointments across party lines
- Fedspeak
- Irrational exuberance
- Greenspan Commission
Images for kids
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Alan Greenspan's official portrait.
