On This Day In Finance: June 2 - Alan Greenspan Begins His Reign As Fed Chairman
Posted: June 2, 2009 8:39AM by
Joseph Nguyen
On June 2, 1987, Alan Greenspan was appointed as the 13th chairman of the Federal Reserve. Greenspan was nominated by President Ronald Reagan in 1987 and served as chairman from 1987-2006 - the second longest tenure in Federal Reserve history.
During his tenure as chairman, many credited Greenspan's monetary policies for keeping inflation rates at low levels. However, some also criticized that Greenspan kept rates too low for too long a period. They argued that these low rates led to the building up of a real estate bubble, which eventually blew up in the financial crisis of 2007-2008. (If you don't know how this crisis began, read The 2007-08 Financial Crisis In Review to learn more.)
Aside from his economic policies, Greenspan is an accomplished saxophonist and jazz player, having studied at the famous
Posted: June 2, 2009 8:39AM by
Joseph Nguyen
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