Alan Greenspan KBE (born March 6, 1926) is an American economist and Chairman of the Federal Reserve. He is considered by many to be the leading authority and key participant concerning United States domestic economic policy. For example, he has been instrumental in how the U.S. government deals with inflation. Given the breadth of his experience, he has been referred to in the media as "the economist's economist" and "maestro".
He was born in New York City, earned an Master's degree in Economics in 1950 from New York University, and a Ph.D. in Economics in 1977. He also attended Columbia University for advanced graduate study. He was a friend of Ayn Rand and a strong intellectual advocate of capitalism. In the mid-1980s, Greenspan was on the board of directors of Alcoa.
Mr. Greenspan is Chairman of the United States Federal Reserve Board, an office he first took on August 11, 1987. On May 18, 2004, he was nominated by President George W. Bush to serve for an unprecedented fifth term. He has been appointed to this post by U.S. Presidents Ronald Reagan, George H. W. Bush, and Bill Clinton. From 1974 to 1977, he was Chairman of the Council of Economic Advisers under Gerald Ford.
- "But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?", Francis Boyer Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996 
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