Alan Greenspan
13th Chairman of the Board of Governors of the Federal Reserve
In office August 11, 1987 – January 31, 2006
Preceded by	Paul Volcker
Succeeded by	Ben Bernanke
Born	March 6, 1926 (1926-03-06) (age 81) New York City
Nationality	American
Spouse	Andrea Mitchell
Profession	Economist

Squalltoonix (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor making speeches and providing consulting for firms through his company, Greenspan Associates LLC. From http://www. ... The Chairman of the Board of Governors of the United States Federal Reserve is the head of the central bank of the United States and one of the more important decision-makers in American economic policies. ... is the 223rd day of the year (224th in leap years) in the Gregorian calendar. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... is the 31st day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is best-known as the Chairman of the Federal Reserve (The Fed) under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). ... Ben Shalom Bernanke[1] (born December 13, 1953) (pronounced ber-NAN-kee, bər-nan-kē or ), is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ... is the 65th day of the year (66th in leap years) in the Gregorian calendar. ... Year 1926 (MCMXXVI) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar. ... New York, New York and NYC redirect here. ... Andrea Mitchell Andrea Mitchell (born October 30, 1946) is an American journalist, television commentator, and writer. ... Alan Greenspan, former chairman, United States Federal Reserve. ... is the 65th day of the year (66th in leap years) in the Gregorian calendar. ... Year 1926 (MCMXXVI) was a common year starting on Friday (link will display the full calendar) of the Gregorian calendar. ... New York, New York and NYC redirect here. ... Alan Greenspan, former chairman, United States Federal Reserve. ... The Chairman of the Board of Governors of the United States Federal Reserve is the head of the central bank of the United States and one of the more important decision-makers in American economic policies. ...

First appointed Fed chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring after a record-setting tenure on January 31, 2006, at which time he relinquished the chairmanship to Ben Bernanke. Greenspan was lauded for his handling of the Black Monday stock market crash that occurred very shortly after he first became chairman, as well as for his stewardship of the Internet-driven, "dot-com" economic boom of the 1990s. This expansion culminated in a stock market bubble burst in March 2000 followed by a recession beginning in late 2000 and continuing through 2002. Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      For other uses, see President of the United States (disambiguation). ... Reagan redirects here. ... is the 31st day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Ben Shalom Bernanke[1] (born December 13, 1953) (pronounced ber-NAN-kee, bÉ™r-nan-kÄ“ or ), is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ... DJIA (19 July 1987 through 19 January 1988). ... The dot-com bubble was a speculative bubble covering roughly 1995–2001 during which stock markets in Western nations saw their value increase rapidly from growth in the new Internet sector and related fields. ... For the band, see 1990s (band). ... A stock market bubble is a type of economic bubble taking place in stock markets when price of stocks rise and become overvalued by any measure of stock valuation. ...

From 2001 until his retirement from the Fed, he was increasingly criticized for some statements seen as overstepping the Fed's traditional purview of monetary policy, and viewed by others as overly supportive of the policies of President George W. Bush, as well as for policies seen as leading to a housing bubble. Greenspan was nonetheless still generally considered during that time to be the leading authority on American domestic economic and monetary policy, and his active influence continues to this day.^[1] George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. ... Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ...

Biography

Greenspan was born in 1926 to a Hungarian Jewish family^[2] in the Washington Heights area of New York City. He studied clarinet at The Juilliard School from 1943 to 1944.^[3] He is an accomplished saxophone player who has played with Stan Getz.^[4] While in college, he played in a jazz band. He then attended New York University (NYU), and received a B.S. in Economics (summa cum laude) in 1948, and an M.A in Economics in 1950. Greenspan went on to Columbia University, intending to pursue advanced economic studies, but subsequently dropped out. Much later, in 1977, NYU also awarded him a Ph.D. in Economics. He did not complete a dissertation,^{[citation needed]} normally required for that degree. On December 14, 2005, he was awarded an honorary Doctor of Commercial Science from NYU, his fourth degree from that institution. The word Jew ( Hebrew: יהודי) is used in a wide number of ways, but generally refers to a follower of the Jewish faith, a child of a Jewish mother, or someone of Jewish descent with a connection to Jewish culture or ethnicity and often a combination... This article is about the neighborhood in New York City. ... New York, New York and NYC redirect here. ... Two soprano clarinets: a Bâ™­ clarinet (left, with capped mouthpiece) and an A clarinet (right, with no mouthpiece). ... The Juilliard School is a performing arts conservatory in New York City, informally but definitively identified as simply Juilliard, and most famous for its musically-trained alumni. ... The saxophone (colloquially referred to as sax) is a conical-bored instrument of the woodwind family. ... Stanley Getz (February 2, 1927 in Philadelphia – June 6, 1991 in Malibu, California), usually known by his stage name Stan Getz, was an American jazz musician. ... New York University (NYU) is a private, nonsectarian, coeducational research university in New York City. ... B.S. redirects here. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Latin honors are Latin phrases used to indicate the level of academic distinction with which an academic degree was earned. ... This article does not cite any references or sources. ... Alma Mater Columbia University is a private university in the United States and a member of the Ivy League. ... Doctor of Philosophy, abbreviated Ph. ... This article is about the thesis in dialectics and academia. ...

In the early 1950s, Greenspan began an association with famed novelist and philosopher Ayn Rand that would last until her death in 1982.^[5] He wrote for Rand’s newsletters and authored several essays in her book Capitalism: The Unknown Ideal.^[6] Rand stood beside him at his 1974 swearing-in as Chair of the Council of Economic Advisers.^[5] Ayn Rand (IPA: , February 2 [O.S. January 20] 1905 – March 6, 1982), born Alisa Zinovyevna Rosenbaum (Russian: ), was a Russian-born American novelist and philosopher,[1] known for creating a philosophy she named Objectivism and for writing the novels We the Living, The Fountainhead, Atlas Shrugged and the... The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ...

From 1948 to 1953, Greenspan worked as an economic analyst at The Conference Board, a business and industry oriented think-tank in New York City. From 1955 to 1987, when he was appointed as Chair of the Federal Reserve, Greenspan was Chairman and President of Townsend-Greenspan & Co., Inc., an economic consulting firm in New York City, a 33-year stint interrupted only from 1974 to 1977 by his service as Chairman of the Council of Economic Advisers under President Gerald Ford. In the summer of 1968, Greenspan agreed to serve Richard Nixon as his coordinator on domestic policy in the nomination campaign.^[7] Greenspan also has served as a corporate director for Aluminum Company of America (Alcoa); Automatic Data Processing, Inc.; 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.^[8] The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      For other uses, see President of the United States (disambiguation). ... For other persons named Gerald Ford, see Gerald Ford (disambiguation). ... Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th President of the United States, serving from 1969 to 1974. ... This article is about the company. ... Automatic Data Processing, Inc. ... The American Broadcasting Company (ABC) operates television and radio networks in the United States and is also shown on basic cable in Canada. ... General Foods Corporation was a company established under that name by Marjorie Merriweather Post in 1929. ... JPMorgan Chase & Co. ... Mobil gas station in the Loisaida section of the East Village of New York City Mobil was a major American oil company which merged with Exxon in 1999 to form ExxonMobil. ...

Alan Greenspan has been married twice. His first marriage was to Joan Mitchell in 1952; the marriage ended in divorce one year later in 1953. He dated newswoman Barbara Walters in the late 1970s.^[5] In 1984, Greenspan began dating journalist Andrea Mitchell. Greenspan at the time was 58, and the also once divorced Mitchell was 20 years his junior at the age of 38. In 1997, they were married by Supreme Court Justice Ruth Bader Ginsburg.^[9] Barbara Jill Walters[1] (born September 25, 1929[2]) is an American journalist, writer and media personality who has been a regular fixture on morning television shows (Today and The View), an evening news magazine (20/20), and on The ABC Evening News as the first female evening news anchor. ... Andrea Mitchell Andrea Mitchell (born October 30, 1946) is an American journalist, television commentator, and writer. ... For the band, see 1997 (band). ... Ruth Joan Bader Ginsburg (born March 15, 1933, Brooklyn, New York) is an Associate Justice on the U.S. Supreme Court. ...

Greenspan and Objectivism

Greenspan was initially a logical positivist, but was converted to Objectivism by Ayn Rand. During the 1950s and '60s Greenspan was a proponent of her philosophy, writing articles for Objectivist newsletters and contributing several essays for Rand's 1966 book Capitalism: the Unknown Ideal including an essay supporting the gold standard.^[10] Logical positivism (later referred to as logical empiricism) holds that philosophy should aspire to the same sort of rigor as science. ... This article is about the philosophy of Ayn Rand. ... Ayn Rand (IPA: , February 2 [O.S. January 20] 1905 – March 6, 1982), born Alisa Zinovyevna Rosenbaum (Russian: ), was a Russian-born American novelist and philosopher,[1] known for creating a philosophy she named Objectivism and for writing the novels We the Living, The Fountainhead, Atlas Shrugged and the... For other uses, see Gold standard (disambiguation). ...

During the 1950s, Greenspan was one of the members of Ayn Rand's inner circle, the Ayn Rand Collective, who read Atlas Shrugged while it was being written. Although Greenspan continues to advocate laissez-faire capitalism,^[11] some Objectivists find his support for a gold standard somewhat ironic given the Federal Reserve's role in America's fiat money system and endogenous inflation. He has come under criticism by Harry Binswanger,^[12] who believes his actions while at work for the Federal Reserve and his publicly expressed opinions on other issues show abandonment of Objectivist and free market principles. However, when questioned in relation to this, he has said that in a democratic society individuals have to make compromises with each other over conflicting ideas of how money should be handled. He said he himself had to make such compromises, because he actually believes that "we did extremely well" without a central bank and with a gold standard.^[13] The Collective was a group of men and women who were close confidants, students, and proponents of Ayn Rand and her theories of Objectivist philosophy during the 50s and 60s. ... For the film, see Atlas Shrugged (film). ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Fiat money or fiat currency, is money that is current or legal tender as satisfaction for money debts by government fiat, that is by law. ... Harry Binswanger (born in Richmond, Virginia, in 1944) is a philosopher and writer. ...

Greenspan and Rand maintained a close relationship until her death in 1982.^[5]

Chairman of the Federal Reserve

On June 2, 1987 President Reagan nominated Dr. Greenspan as a successor to Paul Volcker as chairman of the Board of Governors of the Federal Reserve, and the Senate confirmed him on August 11, 1987. After the nomination, bond markets experienced their biggest one-day drop in 5 years. Just two months after his confirmation he was faced with his first crisis—the 1987 stock market crash. His terse statement, "the Fed stands ready to provide all necessary liquidity" ^{[citation needed]} is seen as having been effective in controlling the damage from that crash. (Others believe that his statement "...that the dollar would be devalued..." just days before was a primary factor in the crash.) Another famous example of the effect of his closely parsed comments was his December 5, 1996 remark about "irrational exuberance and unduly escalating stock prices" that led Japanese stocks to fall 3.2%.^[14] is the 153rd day of the year (154th in leap years) in the Gregorian calendar. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is best-known as the Chairman of the Federal Reserve (The Fed) under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). ... Type Upper House President of the Senate Richard B. Cheney, R since January 20, 2001 President pro tempore Robert C. Byrd, D since January 4, 2007 Members 100 Political groups Democratic Party Republican Party Last elections November 7, 2006 Meeting place Senate Chamber United States Capitol Washington, DC United States... is the 223rd day of the year (224th in leap years) in the Gregorian calendar. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... DJIA (19 July 1987 through 19 January 1988). ... is the 339th day of the year (340th in leap years) in the Gregorian calendar. ... Year 1996 (MCMXCVI) was a leap year starting on Monday (link will display full 1996 Gregorian calendar). ... Irrational exuberance is a phrase used by Federal Reserve Board Chairman Alan Greenspan in a speech given during the stock market boom of the 1990s. ...

Earlier image of Alan Greenspan

Greenspan was famous for his ability to give technical and confusing speeches. U.S. News & World Report reported that, "Few can confuse Wall Street as thoroughly as Federal Reserve Board Chairman Alan Greenspan can."^[15] Greenspan was sometimes so hard to understand that the Motley Fool radio show included a game called "What Did the Fed Chief Say?", where contestants were challenged to interpret snippets of Greenspan's speeches.^[16] Greenspan mocked his own speaking style in 1988 when he said, "I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I said." To a central banker, being unclear is often an advantage since it grants more flexibility: if he is too predictable, markets are more willing to speculate in his future actions, and any move he makes will already be potentially priced into the economy. During his period at the Fed, Greenspan never publicly commented what algorithms or inflation and unemployment targets the Fed used in setting the interest rate. Despite this, over the years he built credibility in the financial markets that he was willing to fight inflation. The flexibility permitted him to affect the economy by, say, lowering interest rates in order to fight a recession while his credibility made it possible to do this without shocking the bond market. Image File history File links Download high resolution version (2218x2923, 831 KB) Description Alan Greenspan. ... Image File history File links Download high resolution version (2218x2923, 831 KB) Description Alan Greenspan. ... U.S. News & World Report is a weekly newsmagazine. ... The Motley Fool is a commercial website about stocks, investing, and personal finance. ...

On May 18, 2004, Greenspan was nominated by President George W. Bush to serve for an unprecedented fifth term as chairman of the Federal Reserve. He was previously appointed to the post by Presidents Ronald Reagan, George H. W. Bush and Bill Clinton. Greenspan was awarded the Presidential Medal of Freedom, the highest civilian award in the United States, by President George W. Bush in November 2005.^[17] His honorary titles include Knight Commander of the British Empire, bestowed in 2002 and Commander of the Légion d'honneur (Legion of Honor). is the 138th day of the year (139th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. ... Reagan redirects here. ... George Herbert Walker Bush (born June 12, 1924) was the 41st President of the United States, serving from 1989 to 1993. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other award which is considered its equivalent is the Congressional Gold Medal, which is bestowed by an... The Most Excellent Order of the British Empire is a British order of chivalry established on 4 June 1917 by King George V. The Order includes five classes in civil and military divisions; in decreasing order of seniority, these are Knight Grand Cross or Dame Grand Cross (GBE) Knight Commander... Chiang Kai-sheks Légion dhonneur. ... Medal for the officer class, decorated with a rosette Napoleon wearing the Grand Cross The President of France is the Grand Master of the Legion. ...

Greenspan's term as a member of the Board ended on January 31, 2006, and Ben Bernanke was confirmed as his successor. Bernanke is a former chairman of the U.S. President's Council of Economic Advisers, and his appointment is seen in part as a move to effect a smooth transition. He does disagree with Greenspan on the question of "inflation targeting," a practice in which the Fed makes public a projected inflation rate, effecting a greater transparency in likely Fed moves to raise or lower short-term interest rates. Inflation targeting arguably reduces certain forms of economic volatility.^[18] Bernanke is for a targeted minimum level of inflation, Greenspan against. is the 31st day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Ben Shalom Bernanke[1] (born December 13, 1953) (pronounced ber-NAN-kee, bər-nan-kē or ), is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ... The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ... See forecasting and unexpected and expected inflation. ...

Greenspan and the housing bubble

Greenspan admitted that the housing bubble was “fundamentally engendered by the decline in real long-term interest rates”;^[19] he also admitted that there was a bubble in the US housing market^[20] and said in the wake of the subprime mortgage and credit crisis in 2007, “I really didn't get it until very late in 2005 and 2006.”^[21] In 2007, Greenspan warned of "large double digit declines" in home values "larger than most people expect."^[20] Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ... bubbles are things that you make out of soap. ... Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ... Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

Following the attacks on September 11, 2001, the Federal Open Market Committee voted to reduce the federal funds rate from 3.5% to 3.0%.^[22] Then, after the accounting scandals of 2002, the Fed dropped the federal funds rate from the current 1.25% to 1.00%.^[23] Greenspan acknowledged that this drop in rates would have the effect of leading to a surge in home sales and refinancing. The World Trade Center on fire The September 11, 2001 attacks were a series of coordinated terrorist attacks against the United States on September 11, 2001. ... Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public corporations. ...

"Besides sustaining the demand for new construction, mortgage markets have also been a powerful stabilizing force over the past two years of economic distress by facilitating the extraction of some of the equity that homeowners have built up over the years."^[24]

However, Greenspan's policies of adjusting interest rates to historic lows contributed to a housing bubble in the US. The Federal Reserve acknowledges the connection between lower interest rates, higher home values, and the increased liquidity the higher home values bring to the overall economy. Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ...

"Like other asset prices, house prices are influenced by interest rates, and in some countries, the housing market is a key channel of monetary policy transmission." —Board of Governors of the Federal Reserve System, September 2005.^[25]

Furthermore, in a speech on February 23, 2004, Greenspan suggested that lenders should offer to home purchasers a greater variety of "mortgage product alternatives" other than traditional fixed-rate mortgages.^[26] Greenspan also praised the rise of the subprime mortgage industry and the tools with which it uses to assess credit-worthiness in an April 2005 speech: Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...

"Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants. Such developments are representative of the market responses that have driven the financial services industry throughout the history of our country … With these advances in technology, lenders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers. … Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending; indeed, today subprime mortgages account for roughly 10 percent of the number of all mortgages outstanding, up from just 1 or 2 percent in the early 1990s."^[27]

The subprime mortgage industry collapsed in March 2007, with many of the largest lenders filing for bankruptcy protection in the face of spiraling foreclosure rates. For these reasons, Greenspan has been criticized for his role in the rise of the housing bubble and the subsequent problems in the mortgage industry,^[28][29] as well as "engineering" the housing bubble itself: Subprime lending, also called B-paper, near-prime, or second chance lending, is the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. ... The subprime mortgage meltdown refers to the rash of subprime mortgage foreclosures that began in the United States in late 2006 and has continued into 2007. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

"It was the Federal Reserve-engineered decline in rates that inflated the housing bubble … the most troublesome aspect of the price runup is that many recent buyers are squeezing into houses that they can barely afford by taking advantage of the lower rates available from adjustable-rate mortgages. That leaves them fully exposed to rising rates." —BusinessWeek, July 19, 2004, Is A Housing Bubble About To Burst?^[30]

BusinessWeek is a business magazine published by McGraw-Hill. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...

Charges of politicization

Greenspan describes himself as a "lifelong libertarian Republican^[31]". On March 3, 2005, Democratic Senate Minority Leader Harry Reid attacked Greenspan as "one of the biggest political hacks we have here in Washington"^[32] and criticized him for supporting Bush's 2001 tax cut plan. Greenspan has also received criticism from Democratic Congressman Barney Frank and others for his support of Bush's plan to phase out Social Security in favor of private accounts.^[33][34][35] Greenspan had said Bush's model has "the seeds of developing full funding by its very nature. As I've said before, I've always supported moves to full funding in the context of a private account."^[36] See also Libertarianism and Libertarian Party Libertarian,is a term for person who has made a conscious and principled commitment, evidenced by a statement or Pledge, to forswear violating others rights and usually living in voluntary communities: thus in law no longer subject to government supervision. ... The Republican Party is one of two major contemporary political parties in the United States of America, along with the Democratic Party. ... is the 62nd day of the year (63rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Harry Mason Reid (born December 2, 1939) is the senior United States Senator from Nevada and a member of the Democratic Party. ... Barnett Barney Frank (born March 31, 1940) is an American politician and a member of the United States House of Representatives. ... Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ...

Economist Paul Krugman, a frequent Greenspan critic, wrote in the New York Times that Greenspan was a "three-card maestro" with a "lack of sincerity" who, "by repeatedly shilling for whatever the Bush administration wants, has betrayed the trust placed in the Fed chairman."^[37] Paul Krugman Paul Robin Krugman (born February 28, 1953) is an American economist. ...

Charges that Greenspan was veering beyond the Fed's purview of monetary policy into fiscal and political matters traditionally left to lawmakers became more prevalent, coming for example from sources such as Republican Senator Jim Bunning who voted against reconfirming him.^[38] Then-Democratic House Minority Leader Nancy Pelosi stated in 2005 there were serious questions about the Fed's independence as a result of Greenspan's public statements.^[39] But others like Republican Senator Mitch McConnell disagreed, stating that Greenspan "has been an independent player at the Fed for a long time under both parties and made an enormous positive contribution."^[40] Furthermore, Greenspan had used his position as Fed Chairman to comment upon fiscal policy as early as 1993, when he supported President Clinton's deficit reduction plan, which included tax hikes and budget cuts.^[41] James Paul David Jim Bunning (born October 23, 1931 in Southgate, Kentucky) is an American politician who was a Hall of Fame pitcher in Major League Baseball from 1955 to 1971. ... Nancy Patricia DAlesandro Pelosi (born March 26, 1940) is currently the Speaker of the United States House of Representatives. ... Addison Mitchell Mitch McConnell, Jr. ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ...

Later career

Greenspan now works as a private advisor making speeches and providing consulting for firms through his company, Greenspan Associates LLC. Directly following his retirement as Fed chairman, Greenspan accepted an honorary (unpaid) position at HM Treasury in the United Kingdom. In May 2007, Greenspan was hired as a special consultant by PIMCO to participate in Pimco’s quarterly economic forums and speak privately with the bond manager about Fed interest rate policy.^[42] In August 2007, Deutsche Bank announced that it would be retaining Greenspan as a Senior Advisor to its investment banking team and clients.^[43] The new eastern entrance to HM Treasury HM Treasury, in full Her Majestys Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the UK Governments financial and economic policy. ... The Pacific Investment Management Company, LLC manages $400 billion, mostly in bond funds. ... Deutsche Bank AG (IPA: [1]) (ISIN: DE0005140008, NYSE: DB) (English: ) is a bank operating worldwide and employing more than 75,000 people (June, 2007). ...

On February 26, 2007, Greenspan forecast a possible recession in the U.S. before or in early 2008.^[44] Stabilizing corporate profits are said to have influenced his comments. The following day, the Dow Jones Industrial Average closed at 12,216.24 dropping by 416 points and losing 3.3% of its value, the worst one day loss since September 17, 2001, when the Dow Jones lost 684 points (7.1%) after reopening in the wake of the 9/11 terrorist attacks. This drop is not thought to be entirely due to Greenspan's recent comment, whose opinion is nonetheless substantially influential.^{[citation needed]} Linear graph of the DJIA from 1901 until today Logarithmic graph of the DJIA from 1901 until today The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, or informally the Dow Jones or The Dow) is one of several stock market indices created by nineteenth-century... The date that commonly refers to the attacks on United States citizens on September 11, 2001 (see the September 11, 2001 Attacks). ...

He has written his memoir, titled The Age of Turbulence: Adventures in a New World, published September 17, 2007.^[45][5][9] Greenspan says that he wrote this book in longhand mostly while soaking in the bathtub, a habit he regularly employs ever since an accident in 1971, when he injured his back.^[46] In the book Greenspan rails against President George W. Bush, Vice President Dick Cheney, and the Republican-controlled Congress for abandoning the Republican Party's principles on spending and deficits. Greenspan's criticisms of President Bush include his refusal to veto spending bills, sending the country into increasingly deep deficits, and for "putting political imperatives ahead of sound economic policies".^[47] Greenspan writes, "They swapped principle for power. They ended up with neither. They deserved to lose” the 2006 election.^[46][48] Of all the presidents with whom he worked, he praises Bill Clinton above all others, saying that Clinton maintained “a consistent, disciplined focus on long-term economic growth.”^[49] Although he respected what he saw as Richard Nixon's immense intelligence, Greenspan found him to be the most profane, bigoted, and disturbed president to work with.^{[citation needed]} He said of Gerald Ford that he "was as close to normal as you get in a president, but he was never elected."^[48] Greenspan also offers his opinion that the Iraq War is about oil, writing, "I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil".^[50] Greenspan has since clarified these remarks in an interview, stating, "I was not saying that that's the administration's motive. I'm just saying that if somebody asked me, 'Are we fortunate in taking out Saddam?' I would say it was essential".^[51] As a literary genre, a memoir (from the French: mémoire from the Latin memoria, meaning memory) forms a subclass of autobiography, although it is an older form of writing. ... The Age of Turbulence: Adventures in a New World (ISBN 1594201315) is the title of the memoir of former Chairman of the Federal Reserve Alan Greenspan, published on September 17, 2007. ... For other uses, see Iraq war (disambiguation). ...

See also

• Greenspan put
• List of United States political appointments that crossed party lines

The Greenspan put was a description of the perceived attempt of then-chairman of the Federal Reserve Board, Alan Greenspan, of ensuring liquidity in capital markets by lowering interest rates if necessary. ... This is an incomplete list of Political appointees in the United States Government whose party was different from that of the President who made the appointment. ...

References

Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 312th day of the year (313th in leap years) in the Gregorian calendar. ... The Akron Beacon Journal is a morning newspaper located in Akron, Ohio. ... is the 254th day of the year (255th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 259th day of the year (260th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... USA Today is a national American daily newspaper published by the Gannett Company. ... is the 197th day of the year (198th in leap years) in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... is the 259th day of the year (260th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 312th day of the year (313th in leap years) in the Gregorian calendar. ... Stephen Ambrose, at the 2001 premiere of Band of Brothers Stephen Edward Ambrose, Ph. ... The Deseret Morning News is a newspaper published in Salt Lake City, Utah, and Utahs oldest continually published daily newspaper. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... is the 32nd day of the year in the Gregorian calendar. ... The Wharton School of the University of Pennsylvania is a business school at the University of Pennsylvania, USA. The school was founded by Joseph Wharton, who also was one of the founders of Swarthmore College (founded in 1864), in 1881 as the first collegiate business school in the United States. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 312th day of the year (313th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 206th day of the year (207th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 206th day of the year (207th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 206th day of the year (207th in leap years) in the Gregorian calendar. ... NPR redirects here. ... The Financial Times (FT) is a British international business newspaper. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Financial Times (FT) is a British international business newspaper. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Reuters Group plc (LSE: RTR and NASDAQ: RTRSY); pronounced is known as a financial market data provider and a news service that provides reports from around the world to newspapers and broadcasters. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central bank of the U