20 February 2013
Alan Greenspan has transformed his role from a dictator of Economic Advisors to a participative leader of the Federal Reserve. Alan had a positive impact on the U.S. economy through his way of dealing with inflation. He achieved the role of being one of the most powerful men in America, Federal Reserve Chairman. Alan Greenspan was born to a Jewish family in New York City on March 6, 1926. As a young child Greenspan attended grammar school and from a young age showed amazing potential. Greenspan excelled through school completing seventh through ninth grade in two years. Later Greenspan's universe centered around jazz. He made playing professional his life ambition. He applied to Juilliard School. He was soon accepted as a clarinet major in 1943. He quit school to join Henry Jerome and his orchestra in 1944. But that only lasted so long. After exiting the band, Greenspan enrolled in New York University (Martin 2-23). His bachelor's (1948), masters (1950), and Ph.D. (1977) degrees in economics were earned at New York University (Encyclopedia of World Biography 526). He met his wife, Joan Mitchell in college but they got their marriage annulled in 1953 after just ten months together. For three decades, 1954-1974 and 1977-1987, Greenspan was chairman and president of an economic consulting firm in NYU, Townsend-Greenspan & Co., Inc. He assumed his most important public position on August 11, 1987, as chairman of the Board of Governors of the Federal Reserve System. Less than 2 months after assuming office, he was faced with Black Monday on October nineteenth, the stock market collapsed by more than five hundred points as terrified sellers dumped millions of shares. Despite critics' complaints that he first slowed economic expansion by keeping interest rates too high and then moved too slowly to end the recession, he was nominated to a second term by President George Bush in August 1991, and soon after he was also...