Alan Greenspan, the American economist views that a recession would most likely happen in the United States.
His comment is in relation to the stringent monetary policy of the central bank to combat inflation. He does not think that it would warrant a Fed reversal that was substantial enough to avoid at least a mild recession.
His statement could be read in relation to the reports of the last two months that showed a deceleration in consumer price increases. He was talking in a question-and-answer media exchange session on the website of ACM (Advisors Capital Management) and it was distributed on Tuesday.
Alan Greenspan: Bio
Alan Greenspan is the senior economic advisor to the Advisors Capital Management (ACM), an investment adviser that is registered with the SEC (Securities and Exchange Commission). It also functions as an equity and fixed-income manager. He is politically aligned with the Republican party.
Alan Greenspan: Age And Personal Life
Alan Greenspan was born on 6th March 1926 in the Washington Heights area of New York City. He was born to Herbert Greenspan, his father, and Rose Goldsmith, his mother, who got divorced later.
He was raised by his mother in her maternal ancestral home. He has a Romanian Jewish descent through his father and Hungarian Jewish descent through his mother. His maternal grandparents were born in Russia.
Alan Greenspan is 96 years old now. He had taken two partners as spouses through two different marriages. He first got married in 1952 to Joan Mitchell Blumenthal and the marriage was annulled in 1953.
In 1997 he got married to Andrea Mitchell. They were married by RBG, Ruth Bader Ginsburg, the Justice of the Supreme Court.
Alan Greenspan: Educational Career
Alan Greenspan was an attendee of the George Washington High School in Washington Heights, Manhattan, New York City. He graduated high school in 1943. He and John Kemeny, the mathematician and computer scientist who co-developed the BASIC programming language, were classmates in high school.
He was trained in playing saxophone and clarinet. Stan Getz, the American jazz saxophonist was his co-player in classes.
Later he went on to study Clarinet in the period between 1943 and 1944 at the Juilliard School, in New York City. He was a member of the band by the name the Woody Herman band. Leonard Garment was his bandmate.
Garment was in the special counsel of the 37th president of the United States of America, Richard Nixon, and was an American attorney, and public servant who was also an arts advocate.
Alan Greenspan pursued a BA degree in economics summa cum laude from the Stern School of Business in New York City. After that, he went on to pursue a Master’s degree in economics.
He later joined to pursue advanced economic studies at Columbia University under Arthur Burns. Although he had to leave that in the middle he got impressive job opportunities at the Townsend-Greenspan & Company.
Years later in 1970, Greenspan was able to obtain a Ph.D. in economics from New York University. When he assumed the office as the Fed Reserve Chairman the copy of his dissertation was removed from the University at his own request in 1987.
Although in 2008 the U.S. weekly newspaper cum magazine obtained a copy of the dissertation. It included notes about the topic and a discussion of soaring housing prices and their effect on consumer spending; it even anticipates a bursting housing bubble.
Alan Greenspan: Professional Career
Alan Greenspan began his professional career when he was pursuing economics at New York University. He worked in the research department at Eugene Banks.
After that from 1948 to 1953, he served as an analyst at the Conference Board, then known as the National Industrial Conference Board in New York. He had served as the Chairman and President of the economics consultancy firm, Townsend-Greenspan & Co., Inc., New York City.
He was the 13th Chairman of the Federal Reserve. He assumed the office on August 11, 1987, and was in the office until January 31, 2006.
Greenspan served as a member of the Federal Reserve Board of Governors from August 1987 to January 2006.
Greenspan was the 10th Chairman of the Council of Economic Advisers. He was in office from September 1974 to January 1977.
Alan Greenspan: The Author Of The Memoir
Greenspan has authored a book by title, The Age of Turbulence: Adventures in a New World. It was a memoir and was published in 2007.
Alan Greenspan: Honors And Memberships
Greenspan is honored with the highest civilian award of the United States, the Presidential Medal of Freedom in 2005 by then President George W. Bush.
He is also honored with the Department of Defense Medal for Distinguished Public Service, Commander of the Legion of Honour (France), and Knight Commander of the Order of the British Empire.
Greenspan was elected to the American Philosophical Society and as a fellow of the American Statistical Association.
Alan Greenspan: Net Worth
Alan Greenspan is calculated to have a net worth estimated to be 20 million US Dollars.
Greenspan in his media exchange has said that the nation might have a brief period of calm on the inflation front but it would be too little too late. He about the challenge of lowering rates too quickly stated that it would cause inflation to flare up again and the state would be back at square one.
He views that could damage the credibility of the Fed as the guarantor of stable prices.