Alan Greenspan. Career as a financier.
Alan Greenspan is considered one of the most scandalous figures, whose name is associated with the global crisis of 2006, when the US mortgage bubble burst and a series of large banks with global capital collapsed, which affected the whole world.
Yes, it was this man who stood at the helm of the US Federal Reserve Service, which many experts accused of inaction when everyone clearly knew that the inflated soap bubble was about to burst.
However, despite such accusations, Greenspan repeatedly saved the US economy from collapse, for which he was valued as a highly qualified specialist under various governments.
Alan Greenspan spent 18.5 years as head of the Fed, which undoubtedly characterizes him as a hardworking person and a patriot of his country.
Alan Greenspan was born in 1926 in the famous Washington Heights neighborhood of New York. His family were descendants of migrants with Jewish roots. Soon after Alan's birth, the parents could not find a common language and decided to divorce.
The uncle's family was very musical, and the uncle himself was a very popular pianist and took part in the creation of the musical Song of Love, which was later made into a film.
The creative environment simply could not help but influence Alan, so he immediately falls in love with music and begins to play the clarinet.
In addition to his love of music, Alan began to show a love of arithmetic from childhood. His abilities were so phenomenal that sometimes he acted as a counter at concerts, so the audience could ask him any complex equation, and he would give the answer in a matter of seconds, without a calculator.
Alan Greenspan studied at the reputable paid school George Washington High Schoo. Thanks to her, he was able to develop his musical talents, and performed in a professional group of six people.
After graduating from school, Alan put aside his studies for a while and began performing at concerts, earning his living.
Education. Career
Alan Greenspan was greatly influenced by the book “Recovery Ahead!”, which was written by his father, who was engaged in stock trading.
In the period between concerts, Alan began to actively study stock exchange literature, and after some time he entered the School of Commerce, Accounts and Finance, after graduation he transferred to New York University to the Faculty of Finance and Economics.
After receiving his master's in 1950, he entered Columbia and became a Doctor of Philosophy.
In 1954, together with his partner, he founded the firm Townsend-Greenspan, advising executives in the field of finance and investment.
Later, after the death of his partner, Alan bought out part of the shares, becoming its owner. In 1958, Alan predicted a recession in the US economy, which allowed many of his partners to make good money.
In the period from 1974-1977, Alan became chairman of the Economic Council under the President of the United States, and later he was appointed chairman of the commission on social insurance reform.
After the resignation of Paul Volcker in 1987, Alan Greenspan was appointed head of the US Federal Reserve Service. After not even two months of work, the stock market crashed, which caused force majeure.
Alan Greenspan lowered the dollar interest rate and was able to even out the current situation. Thanks to such radical measures, Alan earned enormous authority in the stock exchange circle and was able to prevent huge inflation.
In the 1990s, Greenspan coordinated closely with President Bill Clinton's administration, resulting in government budget surpluses from 1998-2001.
In 2006, after serving five full terms under different presidents and in the midst of the mortgage crisis, Alan Greenspan resigned. At that time he was 80 years old.
In his memoirs, Greenspan noted that Bush Jr. was the most difficult for him to work with because he was the most unpredictable.
After finishing his career in government service, he returned to his own company and his net worth is estimated at more than US$10 million.