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According to Nobel laureate Paul Krugman, however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors.

From 1955 to 1987, when he was appointed chairman of the Federal Reserve, Greenspan was chairman and president of Townsend-Greenspan & Co., Inc., an economics consulting firm in New York City, a 32-year stint interrupted only from 1974 to 1977 by his service as Chairman of the Council of Economic Advisers under President Gerald Ford.

He feared that Saddam could seize control of the Straits of Hormuz and restrict the transport of oil through them.

In a 2007 interview, he said, "people do not realize in this country, for example, how tenuous our ties to international energy are.

Greenspan has also served as a corporate director for Aluminum Company of America (Alcoa); Automatic Data Processing; Capital Cities/ABC, Inc.; General Foods; J. Morgan & Co.; Morgan Guaranty Trust Company; Mobil Corporation; and the Pittston Company.

On June 2, 1987, President Ronald Reagan nominated 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.

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