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Alan Greenspan was born in Chicago in 1926 to parents of Irish descent.
Answer: False
Alan Greenspan was born in New York City in 1926, and his parents were of Romanian Jewish and Hungarian Jewish descent.
Alan Greenspan completed all his academic degrees, including his Ph.D., at Harvard University.
Answer: False
Alan Greenspan earned his B.A., M.A., and Ph.D. degrees in economics from New York University, not Harvard University.
Alan Greenspan's doctoral dissertation, removed from NYU at his request, discussed soaring housing prices and anticipated a bursting housing bubble.
Answer: True
Alan Greenspan's 1977 Ph.D. dissertation, removed from New York University at his request, included discussions of soaring housing prices and anticipated a bursting housing bubble.
Before becoming Federal Reserve Chairman, Alan Greenspan served as the Chairman of the Council of Economic Advisers under President Gerald Ford.
Answer: True
From 1974 to 1977, Alan Greenspan served as the 10th Chairman of the Council of Economic Advisers under President Gerald Ford.
Alan Greenspan led an economics consulting firm called 'Greenspan & Associates' before his Federal Reserve chairmanship.
Answer: False
Before his Federal Reserve chairmanship, Alan Greenspan was chairman and president of an economics consulting firm named Townsend-Greenspan & Co., Inc.
During Richard Nixon's 1968 nomination campaign, Alan Greenspan served as his coordinator on foreign policy.
Answer: False
During Richard Nixon's 1968 nomination campaign, Alan Greenspan served as his coordinator on domestic policy, not foreign policy.
In what city was Alan Greenspan born?
Answer: New York City
Alan Greenspan was born in New York City on March 6, 1926.
From which university did Alan Greenspan earn his B.A., M.A., and Ph.D. degrees in economics?
Answer: New York University
Alan Greenspan earned his B.A., M.A., and Ph.D. degrees in economics from New York University.
What was notable about Alan Greenspan's 1977 doctoral dissertation?
Answer: It was removed from New York University at his request and discussed anticipated housing bubbles.
Alan Greenspan's 1977 Ph.D. dissertation was removed from New York University at his request and included discussions of soaring housing prices and anticipated a bursting housing bubble.
What significant government position did Alan Greenspan hold under President Gerald Ford?
Answer: Chairman of the Council of Economic Advisers
Alan Greenspan served as the 10th Chairman of the Council of Economic Advisers under President Gerald Ford from 1974 to 1977.
What was the name of the economics consulting firm Alan Greenspan led before his Federal Reserve chairmanship?
Answer: Townsend-Greenspan & Co., Inc.
Before his Federal Reserve chairmanship, Alan Greenspan was chairman and president of Townsend-Greenspan & Co., Inc.
Alan Greenspan's tenure as Chairman of the Federal Reserve was the longest in the institution's history, spanning nearly two decades.
Answer: False
The source indicates that Alan Greenspan's tenure as Chairman of the Federal Reserve was the second-longest in the institution's history, not the longest.
Alan Greenspan was initially nominated to the Federal Reserve chairmanship by President George H. W. Bush.
Answer: False
Alan Greenspan was initially nominated by President Ronald Reagan in August 1987, not by President George H. W. Bush.
Ben Bernanke preceded Alan Greenspan as Chairman of the Federal Reserve.
Answer: False
Paul Volcker preceded Alan Greenspan as Chairman of the Federal Reserve, while Ben Bernanke succeeded him.
Following the 1987 stock market crash, the Federal Reserve under Greenspan announced its readiness to serve as a source of liquidity, a policy known as the 'Greenspan put'.
Answer: True
Immediately following the 1987 stock market crash, Greenspan announced that the Fed 'affirmed today its readiness to serve as a source of liquidity to support the economic and financial system,' which became known as the 'Greenspan put'.
In response to the September 11 attacks and corporate scandals in autumn 2001, the Greenspan-led Federal Reserve initiated a series of interest rate cuts.
Answer: True
In autumn 2001, the Greenspan-led Federal Reserve responded decisively to the September 11 attacks and various corporate scandals by initiating a series of interest rate cuts.
Greenspan advised the George W. Bush administration to depose Saddam Hussein to stabilize global oil markets.
Answer: True
Greenspan advised senior members of the George W. Bush administration to depose Saddam Hussein for the sake of global oil markets, fearing his potential control over the Straits of Hormuz.
Republican Senator Jim Bunning opposed Greenspan's reconfirmation because he believed Greenspan should comment on both monetary and fiscal policy.
Answer: False
Republican Senator Jim Bunning opposed Greenspan's reconfirmation, charging that Greenspan should restrict his comments solely to monetary policy and not extend them to fiscal policy.
What was Alan Greenspan's primary role in the United States government?
Answer: Chairman of the Federal Reserve
Alan Greenspan served as the 13th Chairman of the Federal Reserve, which was his primary role in the United States government.
Which U.S. President initially nominated Alan Greenspan to be Chairman of the Federal Reserve?
Answer: Ronald Reagan
Alan Greenspan was initially nominated to the Federal Reserve chairmanship by President Ronald Reagan in August 1987.
Who succeeded Alan Greenspan as Chairman of the Federal Reserve?
Answer: Ben Bernanke
Ben Bernanke succeeded Alan Greenspan as Chairman of the Federal Reserve.
What was the Federal Reserve's immediate response under Greenspan following the 1987 stock market crash?
Answer: It announced its readiness to serve as a source of liquidity.
Immediately following the 1987 stock market crash, Greenspan announced that the Fed 'affirmed today its readiness to serve as a source of liquidity to support the economic and financial system'.
What was the Federal Reserve's response to the September 11 attacks and corporate scandals in autumn 2001?
Answer: A series of interest rate cuts, bringing the federal funds rate to 1% by 2004.
In autumn 2001, the Greenspan-led Federal Reserve responded decisively to the September 11 attacks and various corporate scandals by initiating a series of interest rate cuts, which brought the federal funds rate down to 1% by 2004.
What advice did Alan Greenspan give to the George W. Bush administration regarding Saddam Hussein?
Answer: To depose Saddam Hussein for the sake of the oil markets.
Greenspan advised senior members of the George W. Bush administration to depose Saddam Hussein for the sake of global oil markets.
What was the basis of Republican Senator Jim Bunning's opposition to Greenspan's reconfirmation?
Answer: Greenspan's comments extending beyond monetary policy to fiscal policy.
Republican Senator Jim Bunning opposed Alan Greenspan's fifth reconfirmation, charging that Greenspan should restrict his comments solely to monetary policy and not extend them to fiscal policy.
Democratic leaders in Congress praised Alan Greenspan for his non-partisan approach to economic policy, particularly his stance on tax cuts.
Answer: False
Democratic leaders in Congress criticized Alan Greenspan for politicizing his office, specifically citing his support for Social Security privatization and tax cuts.
Many economists argued that the 'easy-money' policies under Greenspan were a primary cause of both the dot-com bubble and the subprime mortgage crisis.
Answer: True
Many economists argued that the 'easy-money' policies of the Federal Reserve under Greenspan, including the 'Greenspan put,' were a primary cause of both the dot-com bubble and the subprime mortgage crisis.
Greenspan attributed the housing bubble primarily to low short-term interest rates set by the Federal Reserve.
Answer: False
Greenspan argued that the housing bubble was not primarily a result of low short-term interest rates set by the Federal Reserve, but rather a worldwide phenomenon caused by a progressive decline in long-term interest rates.
Paul Krugman praised Greenspan's proactive measures to curb the dot-com bubble by raising interest rates.
Answer: False
Paul Krugman criticized Greenspan for not raising interest rates or imposing margin requirements to curb market enthusiasm during the dot-com bubble, rather than praising him for proactive measures.
In July 2002, Greenspan suggested that human greed had significantly increased over generations, necessitating stricter financial market regulation.
Answer: False
In July 2002, Greenspan stated that human greed had not become 'any more greedy than in generations past,' but that 'the avenues to express greed had grown so enormously,' suggesting financial markets needed more regulation.
In a 2005 speech, Greenspan expressed no concerns about the risks associated with derivatives, only praising their contribution to banking system resilience.
Answer: False
In a May 2005 speech, Greenspan acknowledged the contribution of derivatives to banking system resilience but also expressed concerns about the risks associated with them, particularly their concentration in over-the-counter markets.
Greenspan supported imposing tariffs against China for its currency policies, believing it would protect American jobs.
Answer: False
Greenspan opposed tariffs against China for its currency policies, suggesting instead that displaced American workers could be compensated through unemployment insurance and retraining programs.
In a 2008 congressional hearing, Alan Greenspan admitted that his free-market ideology was flawed and he had underestimated the risks of wanton mortgage lending.
Answer: True
In an October 2008 congressional hearing, Alan Greenspan admitted that his free-market ideology was flawed and that he had failed to anticipate the 'self-destructive power of wanton mortgage lending'.
Robert Reich argued that Greenspan's most detrimental action was raising interest rates too high, which stifled economic growth.
Answer: False
Robert Reich argued that Greenspan's 'worst move' was lowering interest rates to 1% in 2004, which contributed to the housing bubble, rather than raising them too high.
Greenspan believed that the decline in real long-term interest rates was a fundamental cause of the housing bubble, a factor he considered beyond central bank control.
Answer: True
Greenspan stated that the housing bubble was 'fundamentally engendered by the decline in real long-term interest rates,' which he believed were beyond the control of central banks.
Greenspan's 2004 suggestion for homeowners to consider adjustable-rate mortgages (ARMs) was later identified as a contributing factor to the subprime mortgage crisis.
Answer: True
Greenspan's February 2004 suggestion for homeowners to consider adjustable-rate mortgages (ARMs) was later seen as a triggering factor in the subprime mortgage crisis.
Alan Greenspan expressed skepticism about the subprime mortgage industry, warning of its inherent risks.
Answer: False
Alan Greenspan praised the rise of the subprime mortgage industry for its innovation and efficient risk judgment, rather than expressing skepticism or warning of its risks.
Joseph Stiglitz criticized Greenspan for advocating 'self-regulation' in the financial system, calling it an 'oxymoron'.
Answer: True
Joseph Stiglitz criticized Greenspan for advocating 'self-regulation' in the financial system, stating that Greenspan 'didn't really believe in regulation' and calling 'self-regulation' an 'oxymoron'.
Prior to the 2008 financial crisis, Alan Greenspan actively supported the regulation of derivatives.
Answer: False
Prior to the 2008 financial crisis, Alan Greenspan vehemently opposed any regulation of derivatives and actively sought to undermine the Commodity Futures Trading Commission's efforts to regulate them.
A 1999 government report co-signed by Greenspan concluded that most over-the-counter derivatives should be subject to strict government regulatory authority.
Answer: False
A 1999 government report co-signed by Greenspan concluded that most over-the-counter derivatives were outside government regulatory authority, not that they should be subject to strict regulation.
In 2008, Greenspan expressed strong confidence in the effectiveness of heavy government regulation for organizing economies.
Answer: False
In 2008, Greenspan expressed skepticism about the effectiveness of heavy government regulation for organizing economies, implying that none had meaningfully worked.
What was one of the criticisms leveled against Alan Greenspan by Democratic leaders in Congress?
Answer: His support for Social Security privatization
Democratic leaders in Congress criticized Alan Greenspan for politicizing his office, specifically citing his support for Social Security privatization and tax cuts.
According to many arguments, what economic policies under Greenspan were a primary cause of the dot-com bubble and the subprime mortgage crisis?
Answer: 'Easy-money' policies, including the 'Greenspan put'
Many economists argued that the 'easy-money' policies of the Federal Reserve under Greenspan, including the 'Greenspan put,' were a primary cause of both the dot-com bubble and the subprime mortgage crisis.
How did Alan Greenspan explain the cause of the housing bubble?
Answer: It was a worldwide phenomenon caused by a decline in long-term interest rates.
Greenspan argued that the housing bubble was a worldwide phenomenon caused by a progressive decline in long-term interest rates, which he believed were beyond central bank control.
How did Paul Krugman criticize Alan Greenspan's handling of the dot-com bubble?
Answer: For not raising interest rates or imposing margin requirements to curb market enthusiasm.
Paul Krugman criticized Greenspan for not raising interest rates to curb market enthusiasm or imposing margin requirements on stock market investors during the dot-com bubble.
In July 2002, what did Alan Greenspan suggest about financial markets in relation to human greed?
Answer: Financial markets needed more regulation because avenues to express greed had grown enormously.
In July 2002, Greenspan stated that 'the avenues to express greed had grown so enormously,' and he suggested that financial markets needed more regulation.
In a May 2005 speech, what concerns did Greenspan express regarding derivatives?
Answer: Concerns about the risks associated with derivatives, particularly concentration in OTC markets.
In a May 2005 speech, Greenspan expressed concerns about the risks associated with derivatives, particularly their concentration in over-the-counter (OTC) markets.
What was Alan Greenspan's stance on imposing tariffs against China for its currency value?
Answer: He opposed tariffs, suggesting compensation for displaced American workers instead.
Greenspan opposed tariffs against China for its refusal to let the yuan rise, suggesting compensation for displaced American workers instead.
What significant admission did Alan Greenspan make in a congressional hearing in October 2008?
Answer: That his free-market ideology was flawed and he failed to anticipate the 'self-destructive power of wanton mortgage lending'.
In an October 2008 congressional hearing, Alan Greenspan admitted that his free-market ideology was flawed and that he had failed to anticipate the 'self-destructive power of wanton mortgage lending'.
According to Robert Reich, what was Alan Greenspan's 'worst move' as Fed Chairman?
Answer: Lowering interest rates to 1% in 2004, contributing to the housing bubble.
Robert Reich argued that Greenspan's 'worst move' was lowering interest rates to 1% in 2004, which contributed to the giant housing bubble and subsequent worldwide crash.
What was Greenspan's view on the role of long-term interest rates in the housing bubble?
Answer: He stated the bubble was fundamentally caused by a decline in real long-term interest rates, beyond central bank control.
Greenspan stated that the housing bubble was 'fundamentally engendered by the decline in real long-term interest rates,' which he believed were beyond the control of central banks.
What was the impact of Greenspan's February 2004 suggestion for homeowners to consider adjustable-rate mortgages (ARMs)?
Answer: It was later seen as a triggering factor in the subprime mortgage crisis.
Greenspan's February 2004 suggestion for homeowners to consider adjustable-rate mortgages (ARMs) was later seen as a triggering factor in the subprime mortgage crisis.
How did Alan Greenspan view the rise of the subprime mortgage industry?
Answer: He praised it for innovation and efficient risk judgment for a broader spectrum of consumers.
Alan Greenspan praised the rise of the subprime mortgage industry for innovation and efficient risk judgment for a broader spectrum of consumers.
What was Joseph Stiglitz's criticism of Greenspan's approach to financial regulation?
Answer: Stiglitz stated Greenspan 'didn't really believe in regulation' and called 'self-regulation' an 'oxymoron'.
Joseph Stiglitz criticized Greenspan, stating that he 'didn't really believe in regulation' and called 'self-regulation' an 'oxymoron'.
What was Alan Greenspan's position on derivatives regulation prior to the 2008 financial crisis?
Answer: He vehemently opposed any regulation of derivatives and sought to undermine the CFTC's efforts.
Prior to the 2008 financial crisis, Alan Greenspan vehemently opposed any regulation of derivatives and actively sought to undermine the Commodity Futures Trading Commission's efforts to regulate them.
What was the conclusion of the 1999 government report on over-the-counter derivatives, co-signed by Greenspan?
Answer: That most OTC derivatives were outside government regulatory authority.
A 1999 government report co-signed by Greenspan concluded that most over-the-counter derivatives were outside government regulatory authority under the Commodity Exchange Act.
In 2008, what was Greenspan's view on the effectiveness of regulation in organizing economies?
Answer: He expressed skepticism, implying that none had meaningfully worked.
In 2008, Greenspan expressed skepticism about the effectiveness of regulation in organizing economies, stating, 'None meaningfully worked. Do we wish to retest the evidence?'
Ayn Rand nicknamed Alan Greenspan 'the economist' due to his deep understanding of economic theory.
Answer: False
Ayn Rand nicknamed Alan Greenspan 'the undertaker' due to his preference for dark clothing and reserved demeanor, not 'the economist'.
Alan Greenspan was a proponent of Objectivism and contributed essays to Ayn Rand's book *Capitalism: The Unknown Ideal*.
Answer: True
Alan Greenspan became a proponent of Objectivism and contributed essays to Ayn Rand's 1966 book *Capitalism: The Unknown Ideal*.
Alan Greenspan's first marriage to Joan Mitchell Blumenthal was legally dissolved through divorce after several years.
Answer: False
Alan Greenspan's first marriage to Joan Mitchell was declared invalid, or annulled, ten months after it occurred, meaning it was not legally completed through divorce.
Supreme Court Justice Ruth Bader Ginsburg officiated Alan Greenspan's wedding to Andrea Mitchell.
Answer: True
Supreme Court Justice Ruth Bader Ginsburg officiated Alan Greenspan's wedding to Andrea Mitchell in April 1997.
Alan Greenspan described his political affiliation as a 'lifelong socialist Democrat'.
Answer: False
Alan Greenspan described himself as a 'lifelong libertarian Republican', not a 'lifelong socialist Democrat'.
Before converting to Objectivism, Alan Greenspan was a logical positivist.
Answer: True
Before converting to Ayn Rand's philosophy of Objectivism, Alan Greenspan was initially a logical positivist.
The 'Economics of a Free Society' course taught by Greenspan aimed to promote collectivist economic theories.
Answer: False
The 'Economics of a Free Society' course taught by Greenspan aimed to highlight the fallacies of collectivist economics, not promote them.
E. Ray Canterbery concluded that Ayn Rand's influence had beneficial effects on Greenspan's monetary policy.
Answer: False
E. Ray Canterbery concluded that Ayn Rand's influence had 'pernicious effects' on Greenspan's monetary policy, not beneficial ones.
What nickname did Ayn Rand give Alan Greenspan?
Answer: The Undertaker
Ayn Rand nicknamed Alan Greenspan 'the undertaker' due to his preference for dark clothing and reserved demeanor.
What was Alan Greenspan's role in the Objectivist movement?
Answer: He was a proponent and contributed essays to Ayn Rand's book *Capitalism: The Unknown Ideal*.
Alan Greenspan became a proponent of Objectivism and contributed essays to Ayn Rand's 1966 book *Capitalism: The Unknown Ideal*.
What was the legal status of Alan Greenspan's first marriage to Joan Mitchell Blumenthal?
Answer: It was declared invalid, or annulled, ten months later.
Alan Greenspan's first marriage to Joan Mitchell was declared invalid, or annulled, ten months after it occurred.
Who officiated Alan Greenspan's wedding to his current wife, Andrea Mitchell?
Answer: Supreme Court Justice Ruth Bader Ginsburg
Supreme Court Justice Ruth Bader Ginsburg officiated Alan Greenspan's wedding to Andrea Mitchell in April 1997.
How did Alan Greenspan describe his political affiliation?
Answer: A lifelong libertarian Republican
Alan Greenspan described himself as a 'lifelong libertarian Republican'.
What philosophical school did Alan Greenspan initially adhere to before converting to Objectivism?
Answer: Logical positivism
Before converting to Ayn Rand's philosophy of Objectivism, Alan Greenspan was initially a logical positivist.
What was the purpose of 'The Economics of a Free Society' course taught by Greenspan?
Answer: To highlight the causes of prosperity and depression and the fallacies of collectivist economics.
The ten-lecture course, 'The Economics of a Free Society,' offered by Greenspan under the Nathaniel Branden Institute, aimed to highlight the causes of prosperity and depression, the consequences of government intervention, and the fallacies of collectivist economics.
What was E. Ray Canterbery's conclusion about Ayn Rand's influence on Alan Greenspan's monetary policy?
Answer: Her influence had 'pernicious effects'.
E. Ray Canterbery chronicled Greenspan's relationship with Ayn Rand and concluded that her influence had 'pernicious effects' on Greenspan's monetary policy.
Despite his reserved public appearances, Alan Greenspan's public profile was elevated to a 'rock star' status due to favorable media coverage.
Answer: True
Favorable media coverage elevated Alan Greenspan's public profile to the extent that several observers likened him to a 'rock star', despite his reserved public appearances.
Alan Greenspan's 2007 forecast of a possible recession in the U.S. had no immediate impact on the stock market.
Answer: False
Alan Greenspan's February 2007 forecast of a possible recession in the U.S. was followed the next day by a 416-point decrease in the Dow Jones Industrial Average.
In his memoir, *The Age of Turbulence*, Greenspan criticized President George W. Bush and the Republican Congress for abandoning fiscal conservative principles.
Answer: True
In his memoir, *The Age of Turbulence*, Greenspan criticized President George W. Bush, Vice President Dick Cheney, and the Republican Congress for abandoning the Republican Party's principles on spending and deficits.
Alan Greenspan received the Presidential Medal of Freedom, the highest civilian award in the United States, in 2005.
Answer: True
Alan Greenspan received the Presidential Medal of Freedom, the highest civilian award in the United States, from President George W. Bush in November 2005.
Greenspan received an honorary knighthood from Queen Elizabeth II in 2000.
Answer: False
Greenspan received an honorary knighthood from Queen Elizabeth II in 2002, not 2000.
Alan Greenspan authored *The Age of Turbulence* and *Capitalism in America*.
Answer: True
Alan Greenspan authored *The Age of Turbulence: Adventures in a New World* (2007) and co-authored *Capitalism in America: A History* (2018).
*The Wall Street Journal* concluded that the dot-com bubble and subprime mortgage crisis enhanced Greenspan's reputation.
Answer: False
*The Wall Street Journal* stated that the dot-com bubble and subprime mortgage crisis 'tarnished his reputation'.
Matt Taibbi characterized the 'Greenspan put' as a mechanism that made it almost impossible for banks to lose money after speculative bubbles burst.
Answer: True
Matt Taibbi described the 'Greenspan put' as a mechanism where banks could borrow money at very low interest rates after speculative bubbles burst, making it 'almost impossible' for them to lose money.
Alan Greenspan was cited in the documentary film *Inside Job* as one of the persons responsible for the 2008 financial crisis.
Answer: True
Alan Greenspan was cited in the documentary film *Inside Job* and named in *Time* magazine as one of the persons responsible for the 2008 financial crisis.
Noam Chomsky used Greenspan's 1997 testimony about worker insecurity to illustrate the self-serving attitudes of the wealthy.
Answer: True
Noam Chomsky characterized a portion of Greenspan's February 1997 testimony, where he stated that growing worker insecurity helps keep inflation low, as an example of the self-serving attitudes of the so-called 1%.
How was Alan Greenspan's public profile often characterized despite his reserved demeanor?
Answer: As a 'rock star'
Despite his reserved public appearances, Alan Greenspan's public profile was elevated to a 'rock star' status due to favorable media coverage.
What was the immediate market impact of Alan Greenspan's February 2007 forecast of a possible U.S. recession?
Answer: The Dow Jones Industrial Average decreased by 416 points the next day.
Alan Greenspan's February 2007 forecast of a possible U.S. recession was followed the next day by a 416-point decrease in the Dow Jones Industrial Average.
In his memoir, *The Age of Turbulence*, whom did Greenspan criticize for abandoning Republican principles on spending and deficits?
Answer: President George W. Bush, Vice President Dick Cheney, and the Republican Congress.
In his memoir, *The Age of Turbulence*, Greenspan criticized President George W. Bush, Vice President Dick Cheney, and the Republican Congress for abandoning the Republican Party's principles on spending and deficits.
What high civilian honor did Alan Greenspan receive from President George W. Bush in November 2005?
Answer: The Presidential Medal of Freedom
Alan Greenspan received the Presidential Medal of Freedom, the highest civilian award in the United States, from President George W. Bush in November 2005.
Which of the following books was authored or co-authored by Alan Greenspan?
Answer: *The Age of Turbulence: Adventures in a New World*
Alan Greenspan authored *The Age of Turbulence: Adventures in a New World* (2007).
How did *The Wall Street Journal* assess Greenspan's reputation following the dot-com and subprime crises?
Answer: His reputation was tarnished.
*The Wall Street Journal* stated that the dot-com bubble and subprime mortgage crisis 'tarnished his reputation'.
How did Matt Taibbi characterize Alan Greenspan?
Answer: As a 'classic con man' who used political savvy to gain influence.
Matt Taibbi characterized Alan Greenspan as a 'classic con man' who used political savvy to gain influence.
In which documentary film was Alan Greenspan cited as one of the persons responsible for the 2008 financial crisis?
Answer: *Inside Job*
Alan Greenspan was cited in the documentary film *Inside Job* as one of the persons responsible for the 2008 financial crisis.