Definition of 'Alan Greenspan'
Greenspan was born in New York City in 1926. He attended the Wharton School of the University of Pennsylvania, where he earned a bachelor's degree in economics in 1948. He then served in the U.S. Army for two years.
After his military service, Greenspan worked as an economist for several private firms. In 1954, he joined the Council of Economic Advisers, where he served as a senior economist under President Dwight D. Eisenhower.
In 1974, Greenspan was appointed Chairman of the Council of Economic Advisers by President Gerald Ford. He served in this position until 1977.
In 1987, Greenspan was appointed Chairman of the Federal Reserve by President Ronald Reagan. He served in this position for 19 years, the longest tenure of any Fed Chairman in history.
During his time as Fed Chairman, Greenspan oversaw the longest economic expansion in U.S. history. He also played a key role in the response to the 1987 stock market crash and the 1990-1991 recession.
Greenspan retired from the Fed in 2006. He has since written several books and articles on economics and public policy. He is currently a senior fellow at the American Enterprise Institute.
Greenspan is a controversial figure. Some economists believe that he was too lax in his monetary policy during the 1990s, which led to the housing bubble and the financial crisis of 2008. Others believe that he was a brilliant central banker who helped to create the most prosperous economic period in U.S. history.
Despite the controversy, there is no doubt that Alan Greenspan was one of the most influential figures in American economic history. He played a key role in shaping the economic policies of the United States for over two decades.
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