Disciple of Ayn Rand and master of terse, confusing Congressional testimony, former Chairman of the Federal Reserve Bank, Alan Greenspan was born this week on March 6, 1926.

Raised in Washington Heights, Greenspan collected a bunch of NYU economic degrees before embarking on a career as an accomplished economist for The Conference Board. Additionally, Greenspan was a prolific Objectivist, writing for assorted Ayn Rand’s publications…including an essay supporting the gold standard.

Nominated by Ronald Reagan to succeed Fed Chairman Paul Volcker in 1987, Greenspan’s displayed ‘the right stuff’… calming the markets in October 1987 a mere two months after his confirmation by the Senate. Another notable quip about “irrational exuberance and unduly escalating stock prices” (Dec. 5th 1996) precipitated a Japanese stock market correction of 3.2% and showed the Fed Chairman’s uncanny ability to sniff out-though some would say create- economic booms and busts.

After serving a record breaking five terms as Fed Chairman, Greenspan now works as a private advisor and consultant through Greenspan Associates LLC. Interestingly enough, his current status enables him to clearly opine about world economies. Most notably, his memoir, The Age of Turbulence: Adventures in The New World (September 17th, 2007) contains his succinct negative opinion of President Bush and view that “…the Iraq War is largely about oil.”

news@doubledownmedia.com

3/3/08