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Alan Greenspan Chairman of the Federal Reserve Board
ALAN GREENSPAN knows a recession when he sees one. The cautious chief of the Federal Reserve Board, or Fed, was a child through the Depression, became President Gerald Ford's top economic adviser during the economic woes of the mid-'70s, and ascended to his current post mere months before the stock market crash of 1987. It stands to reason that Greenspan, often dubbed the second most powerful man in America, is obsessed with balancing the U.S. economy between boom and bust.
"How do we know when irrational exuberance has unduly escalated asset values?"
Alan Greenspan
The son of a stockbroker and retail worker, Greenspan displayed a gift for figures at a young age, often impressing his mother's cronies by solving mathematical puzzles in his head. After high school, Greenspan studied music at the Juilliard School and accepted his first real job as a clarinet and saxophone player in a swing band. Notes ceded to numbers when, at 19, he enrolled as an economics student at New York University. In the early '50s, Greenspan, short on cash, dropped out of a doctoral program at Columbia University to become a professional economist. (NYU later conferred his Ph.D. in 1977 without a dissertation.)
"He is the kind of person who knows how many thousands of flat-headed bolts were used in a Chevrolet and what it would do to the national economy if you took out three of them." | |
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