Alan Greenspan. Career as a financier.
One of the most scandalous figures 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 entire world, is Alan Greenspan.
Yes, this is the man who stood at the helm of the US Federal Reserve, which many experts accused of inaction when everyone clearly knew that the inflated 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 the head of the Federal Reserve, which undoubtedly characterizes him as a hard-working man and a patriot of his country.
Alan Greenspan was born in 1926 in the renowned Washington Heights neighborhood of New York City. His family were descendants of immigrants with Jewish roots. Shortly after Alan's birth, his parents failed to find common ground and decided to divorce.
My uncle's family was very musical, and my 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 fell in love with music and began playing the clarinet.
In addition to his love of music, Alan developed a love of arithmetic from childhood. His abilities were so phenomenal that he sometimes performed at concerts as a calculator. The audience could pose him any complex equation, and he would answer it in seconds, without a calculator.
Alan Greenspan attended the prestigious George Washington High School, a private school where he developed his musical talents and performed in a professional six-piece band.
After finishing school, Alan put his education on hold for a while and began performing at concerts to earn his living.
Training. Career
Alan Greenspan was greatly influenced by the book "Recovery Ahead!", written by his father, a stock trader.
Between concerts, Alan began actively studying stock market literature, and after some time he entered the School of Commerce, Accounts and Finance, and after graduating, he transferred to the Faculty of Finance and Economics at New York University.
After receiving his master's degree in 1950, he entered Columbia University and became a doctor of philosophy.
In 1954, he and his partner founded Townsend-Greenspan, a firm that advises executives on finance and investment.
Later, after his partner's death, Alan bought out some of the shares, becoming their owner. In 1958, Alan predicted the US economic downturn, which allowed many of his partners to profit handsomely.
From 1974 to 1977, Alan became Chairman of the US President's Economic Council, and was later appointed Chairman of the Commission on Social Security Reform.
Following Paul Volcker's resignation in 1987, Alan Greenspan was appointed Chairman of the US Federal Reserve. Less than two months into his tenure, the stock market crashed, triggering a force majeure event.
Alan Greenspan lowered the dollar interest rate and managed to stabilize the situation. Thanks to these radical measures, Alan earned enormous respect in the stock market and was able to prevent massive inflation.
In the 1990s, Greenspan closely coordinated with the Bill Clinton administration, resulting in a federal budget surplus from 1998 to 2001.
In 2006, after serving five full terms under different presidents and at the height of the mortgage crisis, Alan Greenspan resigned. He was 80 years old at the time.
In his memoirs, Greenspan noted that Bush Jr. was the hardest man to work with because he was the most unpredictable.
After finishing his government service, he returned to his own company and his net worth is estimated at over US$10 million.
