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Alan Greenspan's Economic Policy

250 Words1 Pages

Alan Greenspan was nominated in 1987 by Ronald Reagan to be the chairman of the Federal Reserve. He served 5 terms in this position and was also nominated by Presidents Bush and Clinton. During his terms he expressed his thoughts on fiscal conservatism and the housing bubble. In addition, he also caused a big drop in the stock market. Greenspan believed in being fiscally conservative. He was upset when Bush did not veto what he called, “out-of-control spending”. He thinks that this type of borrowing and spending can cause high inflation and big economic problems. Many people believe Greenspan was the cause of the recent housing bubble. Critics of him say he had kept the interest rates at too low for too long. He did not accept blame for this, but admitted that he had put too much faith in the free market system. …show more content…

These words caused the stock market to plummet by the next day. People in the nation seemed to think it was his way of warning citizens that he was going to implement policies that would send the stock prices down. In reality all he meant by this statement is people should think before they buy stocks. In conclusion, Alan Greenspan was a successful economist. His thoughts on fiscal conservationism and the housing bubble have influenced the way many people think. In addition, he is possibly most famous for using the words, “irrational

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