Latest / Spoken News / Former chair of the U.S. Federal Reserve Alan Greenspan dies at the age of 100.

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Former chair of the U.S. Federal Reserve Alan Greenspan dies at the age of 100. · Spoken News

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  Speaker 1: Welcome to spoken News. I'm a computer. Former Chair of
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  the US Federal Reserve. Alan Greenspan dies at the age
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  of one hundred. Alan Greenspan was an American economist who
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  served as the thirteenth Chair of the Federal Reserve from
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  nineteen eighty seven to two thousand six. He worked as
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  a private advisor and provided consulting for firms through his company,
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  Greenspan Associates LC. First nominated to the Federal Reserve by
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  United States President Ronald Reagan in August nineteen eighty seven,
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  Greenspan was reappointed at successive four year intervals until retiring
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  on January thirty first, two thousand six, after the second
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  longest tenure in the position, behind only William mc chesney Martin.
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  President George W. Bush appointed Ben Bernanke as his successor.
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  Greenspan came to the Federal Reserve Board from a consulting career.
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  Although he was subdued in his public appearances, favorable media
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  coverage raised his profile to a point that several observers
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  likened him to a roxte. Democratic leaders of Congress criticized
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  him for politicizing his office because of his support for
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  Social security privatization and tax cuts. Many have argued that
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  the easy money policies of the Fed during Greenspan's tenure,
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  including the practice known as the Greenspan put were a
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  leading cause of the dot com bubble and subprime mortgage crisis, which,
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  said the Wall Street Journal, tarnished his reputation. Yale economist
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  Robert Schiller argues that quote once stocks fell, real estate
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  became the primary outlet for the speculative frenzy that the
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  stock market had unleashed. Greenspan argued that the housing bubble
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  was not a result of low interest short term rates,
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  but rather a worldwide phenomenon caused by the progressive decline
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  in long term interest rates, a direct consequence of the
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  relationship between high savings rates in the developing world and
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  its inverse in the developed world. The Chair of the
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  Board of Governors of the Federal Reserve System is the
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  head of the Federal Reserve, the Central Bank of the
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  United Lasts, and is the active executive officer of the
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  Board of Governors of the Federal Reserve System. The Chair
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  presides at meetings of the Board. The Chair serves a
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  four year term after being nominated by the President of
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  the United States and confirmed by the United States Senate.
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  The office holder serves concurrently as a member of the
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  Board of Governors. The Chair may serve multiple terms, subject
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  to renomination and confirmation each time. William mc chesney Martin
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  was the longest serving chair, with Alan Greenspan closely second.
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  The office is currently held by Kevin Walsh, who has
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  sworn in on May twenty second, twenty twenty six, succeeding
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  Jerome Powell. That's it for now. See the episode notes
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  for Wikipedia sources and licensing. Thank you,