Alan Greenspan And His Economics Essay

884 words - 4 pages - hauntmighty ✓ Expert Reviewed

Alan Greenspan who is an American economist obliged as Chairman of the Federal Reserve of the United States from 1987 to 2006, was born on March 6, 1926. He is a highly educated economist and in his life he took many years of experience from the economy of the world. People look for his advice and follow his judgments to develop the growth in economy. He was the world's most powerful economic policymaker in Federal Reserve for two decades. He is currently works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. He assisted a total of five terms under four presidents, from Ronald Reagan to George W. Bush. Since he became chairman of the FED, and the country's economy has reflected many positive results. He has done a tremendous job. “The Age of Turbulence” and the humorous subtitle, “Adventures in a New World”, is discussing about Alan Greenspan’s history in government and economics, capitalism and analysis of global economic construct, also focus on current and future issues in the global economy . It also provide perceptions into the intellectual foundations of his economic worldview. The book is divided into two distinct parts. The first part is a biography of Greenspan’s life and career in Federal Reserve and the rest is essays on the main economic issues challenging governments over the next few decades. In this book Alan Greenspan discussed about the housing bubble which is created by his low interest rate policy and this policy effect the economy of USA.
Alan Greenspan unquestionably committed to market forces, but his low interest rate policy creates housing bubble and recession in the economy. Many people thinks that he is right in his decision but sometimes peoples argues that he made mistakes. In his book, he explained about that he had a habit of keeping interest rates too low for too long, and his “easy money” policy and cuts interest rates helped creates bubbles in the stock market. The housing market which is a financial mess. His housing bubbles has hurt some groups in the market. Although it did not create great difficulties for the great form of homeowners who had built up large equity in their houses as prices rose. However many low-income families joined the boom too late to enjoy the advantage of subprime mortgage offerings. This low income families are having difficulty making their monthly payments, and increasing numbers are facing financial crisis that create loosening of mortgage credit terms for subprime borrowers. But I think that that the benefits of broadened home ownership are not so risky, it will helps the economic growth and protected the property rights. Although it’s critical to a market economy, because sustain political support will be requires to face the market. Alan Greenspan proposed new...

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