ALAN GREENSPAN
HERO OR VILLIAN?
JENIFER SCHONE
MACROECONOMICS
To properly discuss Alan Greenspan, we need background information, where he worked and what exactly did/does he do.
Alan Greenspan (born March 6, 1926) is an American Economist and was
Chairman of the Board of Governors of the Federal Reserve of the United States from
1987 to 2006.
Mr. Greenspan was appointed Federal Reserve (FED) chairman by President Ronald
Reagan in 1987 and was reappointed at successive four-year intervals until retiring in
January 2006.
Many people agree that Mr. Greenspan was an excellent economist, that I agree,
however, I feel that he started believing his own “press” and consequently his actions put
Americans in the deficit we are currently in. I will explain even further that Mr.
Greenspan’s own agenda is what drove him, not the best interest of the United States of America.
My goal in this paper is to expose Mr. Greenspan not as a hero of the people, but a
eccentric businessman, whom in the end, was only looking out for himself and big business.
Let’s first start by defining what the “FED” is. The Federal Reserve was created by U.S. Congress in 1913. The FED is headed by a government agency in Washington known as the Board of Governors of the Federal Reserve. The Board of Governors consists of seven Presidential appointees, each of whom serves 14-year terms. All members must be confirmed by the Senate and can be reappointed. The board is led by a chairman and a vice chairman, each appointed by the President and approved by the Senate for four-year terms.
There are 12 regional Federal Reserve Banks located in major cities around the country that ope ...