Subprime Mortgage Mortgage Subprime Mortgage Mortgage Subprime Mortgage Mortgage
Www Subprimemortgagemorgage Tag Credit Card Format Subprime Mortgage Mortgage 关于Alan Greenspan 的评论_百度知道
Www Subprimemortgagemorgage Tag Credit Card Format Subprime Mortgage Mortgage
Foods, Inc.; J.P. Morgan & Co., Inc.; Morgan Guaranty Trust Company of New York; Mobil Corporation; and The Pittston Company.[18][19] He was a director of the Council on Foreign Relations foreign policy organization between 1982 and 1988.[20] He also served as a member of the influential Washington-based financial advisory body, the Group of Thirty in 1984.
Alan Greenspan has been married twice. His first marriage was to artist Joan Mitchell in 1952; the marriage ended in annulment less than a year later. He dated newswoman Barbara Walters in the late 1970s.[15] In 1984, Greenspan began dating journalist Andrea Mitchell. Greenspan at the time was 58, and the also divorced Mitchell was 20 years his junior. In 1997, they were married by Supreme Court Justice Ruth Bader Ginsburg.[21]
Greenspan was initially a logical positivist[22] but was converted to Objectivism by Nathaniel Branden. During the 1950s and 1960s Greenspan was a proponent of Ayn Rand's philosophy, writing articles for Objectivist newsletters and contributing several essays for Rand's 1966 book Capitalism: the Unknown Ideal including an essay supporting the gold standard.[23][24]
During the 1950s, Greenspan was one of the members of Ayn Rand's inner circle, the Ayn Rand Collective, who read Atlas Shrugged while it was being written. Rand nicknamed Greenspan "the undertaker" because of his penchant for dark clothing and reserved demeanor. Although Greenspan was once recognized as a proponent of laissez-faire capitalism, some Objectivists find his support for a gold standard somewhat incongruous or dubious,[citation needed] given the Federal Reserve's role in America's fiat money system and endogenous inflation. He has come under criticism from Harry Binswanger,[25] who believes his actions while at work for the Federal Reserve and his publicly expressed opinions on other issues show abandonment of Objectivist and free market principles. However, when questioned in relation to this, he has said that in a democratic society individuals have to make compromises with each other over conflicting ideas of how money should be handled. He said he himself had to make such compromises, because he believes that "we did extremely well" without a central bank and with a gold standard.[26] Greenspan and Rand maintained a close relationship until her death in 1982.[15]
In a congressional hearing on October 23, 2008 Greenspan admitted that his free-market ideology shunning certain regulations was flawed.[27] This has caused backlash from Objectivist intellectuals, blaming the economic crisis on Greenspan's pandering to the mixed economy and betraying his laissez-faire views.[28]
On June 2, 1987, President Reagan nominated Dr. Greenspan as a successor to Paul Volcker as chairman of the Board of Governors of the Federal Reserve, and the Senate confirmed him on August 11, 1987. After the nomination, bond markets experienced their biggest one-day drop in 5 years. Just two months after his confirmation he was faced with his first crisis — the 1987 stock market crash. Noted investor, author and commentator Jim Rogers has claimed that Alan Greenspan has lobbied to get this chairmanship [29]
His terse statement that the Fed "affirmed today its readiness to serve as a source of liquidity to support the economic and financial system" [30][31][32] is seen by many as having been effective in helping to control the damage from that crash.
His handling of monetary policy in the run-up to the 1991 recession was criticized from the right as being excessively tight, and costing George H. W. Bush re-election. The incoming Democratic president Bill Clinton reappointed Alan Greenspan, and kept him as a core member of his economic team. Greenspan, while still fundamentally monetarist in orientation, argued that doctrinaire application of theory was insufficiently flexible for central banks to meet emerging situations.
Another famous example of the effect of his closely parsed comments was his December 5, 1996 remark about "irrational exuberance and unduly escalating stock prices" that led Japanese stocks to fall 3.2%.[33]
During the Asian financial crisis of 1997-1998, the Federal Reserve flooded the world with dollars, and organized a bailout of Long-Term Capital Management. Some have argued that 1997-1998 represented a monetary policy bind — as the early 1970s had represented a fiscal policy bind — and that while asset inflation had crept into the United States, demanding that the Fed tighten, the Federal Reserve needed to ease liquidity in response to the capital flight from Asia. Greenspan himself noted this when he stated that the American stock market showed signs of irrationally high valuations.
In 2000, Alan Greenspan raised interest rates several times; these actions were believed by many to have caused the bursting of the dot-com bubble. In autumn of 2001, as a decisive reaction to September 11 attacks and the various corporate scandals which undermined the economy, the Greenspan-led Federal Reserve initiated a series of interest cuts that brought down the Federal Funds rate to 1% in 2004. His critics, notably Steve Forbes attributed the rapid rise in commodity prices and gold to Greenspan's loose monetary policy which is causing excessive asset inflation and a weak dollar. By late 2004 the price of gold was higher than its 12-year moving average.
On May 18, 2004, Greenspan was nominated by President George W. Bush to serve for an unprecedented fifth term as chairman of the Federal Reserve. He was previously appointed to the post by Presidents Ronald Reagan, George H. W. Bush and Bill Clinton.
Greenspan's term as a member of the Board ended on January 31, 2006, and Ben Bernanke was confirmed as his successor.
Alan Greenspan is blamed by the followers of the Austrian School for creating excessive liquidity which caused lending standards to deteriorate resulting in the housing bubble of 2004-2006 and the market meltdown beginning in 2008. Currently the American Federal Reserve follows a modified form of monetarism, where broader ranges of intervention are possible in light of temporary instabilities in market dynamics.
On February 26, 2007, Greenspan forecast a possible recession in the U.S. before or in early 2008.[34] Stabilizing corporate profits are said to have influenced his comments. The following day, the Dow Jones Industrial Average closed at 12,216.24 dropping by 416 points and losing 3.3% of its value, the worst one day loss, at the time, since September 17, 2001, when the Dow Jones lost 684 points (7.1%) after reopening in the wake of the 9/11 terrorist attacks.[citation needed]
In mid-January 2008, hedge fund Paulson & Co hired Alan Greenspan as an adviser on economic issues and monetary policy.[35] This is the third private role given to Alan Greenspan, the first two being given by Deutsche Bank and bond investment company Pacific Investment Management (PIMCO). Greenspan advises Paulson & Co on economics issues surrounding United States and world financial markets.[36]
Greenspan also counsels on monetary policy and falling housing prices and about a possible recession in the United States. Paulson & Co is famously known for its record profit making during 2007 by conducting bets against mortgage derivatives which earned the firm billions of dollars last year. The financial terms of the agreement were not disclosed and Greenspan must not, under the agreement, advise any other hedge fund manager while working for Paulson.[36] In February 2008, Greenspan spoke at the Jeddah Economic Forum.[37]
Greenspan wrote in the week of March 17, 2008 that the 2008-financial crisis in the United States is likely to be judged as the most wrenching since the end of World War II.[38]
Greenspan also now works as a private advisor making speeches and providing consulting for firms through his company, Greenspan Associates LLC. Directly following his retirement as Fed chairman, Greenspan accepted an honorary (unpaid) position at HM Treasury in the United Kingdom. In May 2007, Greenspan was hired as a special consultant by PIMCO to participate in Pimco’s quarterly economic forums and speak privately with the bond manager about Fed interest rate policy.[39] In August 2007, Deutsche Bank announced that it would be retaining Greenspan as a Senior Advisor to its investment banking team and clients.[40]
He has written his memoir, titled The Age of Turbulence: Adventures in a New World, published September 17, 2007.[15][21][41] Greenspan says that he wrote this book in longhand mostly while soaking in the bathtub, a habit he regularly employs ever since an accident in 1971, when he injured his back.[42] Greenspan discusses in his book, among other things, his history in government and economics, capitalism and other modes of economies, current issues in the global economy, and future issues that face the global economy. In the book Greenspan criticizes President George W. Bush, Vice President Dick Cheney, and the Republican-controlled Congress for abandoning the Republican Party's principles on spending and deficits. Greenspan's criticisms of President Bush include his refusal to veto spending bills, sending the country into increasingly deep deficits, and for "putting political imperatives ahead of sound economic policies".[43] Greenspan writes, "They swapped principle for power. They ended up with neither. They deserved to lose [the 2006 election]."[42][44] Of all the presidents with whom he worked, he praises Bill Clinton above all others, saying that Clinton maintained “a consistent, disciplined focus on long-term economic growth.”[45] Although he respected what he saw as Richard Nixon's immense intelligence, Greenspan found him to be "sadly paranoid, misanthropic and cynical." He said of Gerald Ford that he "was as close to normal as you get in a president, but he was never elected."[44]
In the wake of the subprime mortgage and credit crisis in 20
zWww Subprimemortgagemorgage Tag Credit Card Format Subprime Mortgage Mortgage 关于Alan Greenspan 的评论_百度知道 v Subprime Mortgage Mortgage
vWww Subprimemortgagemorgage Tag Credit Card Format Subprime Mortgage Mortgage 关于Alan Greenspan 的评论_百度知道 y k Subprime Mortgage Mortgage w Subprime Mortgage Mortgage Mortgage Fast