Alan Greenspan

Alan Greenspan served as Chairman of the Federal Reserve from 1987 to 2006 — one of the longest tenures in Fed history. He was celebrated as the "Maestro" (the title of Bob Woodward's biography) for presiding over a period of remarkable economic stability and growth known as the Great Moderation. He navigated financial crises including the 1987 stock market crash, the S&L crisis, the 1994 bond market crisis, the 1997-98 Asian financial crisis, the 2000 dot-com bust, and 9/11. His critics argue that his low interest rate policy from 2001 to 2004 contributed significantly to the housing bubble that burst in 2008. In October 2008 Congressional testimony, he acknowledged a "flaw" in his ideology that markets are self-correcting. Before the Fed, he ran a prominent consulting firm advising on economic policy. He was appointed to the Fed by President Reagan and reappointed by Presidents Bush and Clinton, reflecting bipartisan confidence. His memoir "The Age of Turbulence" (2007) documented his career and economic philosophy. He has continued writing and commenting on economics and monetary policy in retirement.