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Alan Greenspan is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He worked as a private adviser and provided consulting for firms through his company, Greenspan Associates LLC.<br />First nominated to the Federal Reserve by President <a href="https://www.goodreads.com/author/show/3543._Ronald_Reagan" title=" Ronald Reagan" rel="nofollow noopener"> Ronald Reagan</a> in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position, behind only <a href="https://www.goodreads.com/author/show/31109539._William_McChesney_Martin" title=" William McChesney Martin" rel="nofollow noopener"> William McChesney Martin</a>. President <a href="https://www.goodreads.com/author/show/13747._George_W__Bush" title=" George W. Bush" rel="nofollow noopener"> George W. Bush</a> appointed <a href="https://www.goodreads.com/author/show/260253._Ben_S__Bernanke" title=" Ben S. Bernanke" rel="nofollow noopener"> Ben S. Bernanke</a> as his successor. Greenspan came to the Federal Reserve Board from a consulting career. Although he was subdued in his public appearances, favorable media coverage raised his profile to a point that several observers likened him to a "rock star". Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization and tax cuts.<br />Many have argued that the "easy-money" policies of the Fed during Greenspan's tenure, including the practice known as the "Greenspan put", were a leading cause of the dot-com bubble and subprime mortgage crisis (the latter occurring within a year of his leaving the Fed), which, said The Wall Street Journal, "tarnished his reputation". Yale economist <a href="https://www.goodreads.com/author/show/57771._Robert_J__Shiller" title=" Robert J. Shiller" rel="nofollow noopener"> Robert J. Shiller</a> argues that "once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed". Greenspan argues that the housing bubble was not a result of low-interest short-term rates but rather a worldwide phenomenon caused by the progressive decline in long-term interest rates – a direct consequence of the relationship between high savings rates in the developing world and its inverse in the developed world.

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