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83-640: The National Commission on Social Security Reform , also known as the Greenspan Commission due to its chairmanship by Alan Greenspan , was a commission that was appointed by the United States Congress and President Ronald Reagan in 1981 to study and make recommendations regarding the short-term financing crisis that Social Security faced at that time. Its 1983 report led to the Social Security Reform Act of 1983 . Greenspan himself

166-572: A Ph.D. in economics from New York University. His dissertation is not available from the university since it was removed at Greenspan's request in 1987, when he became chairman of the Federal Reserve Board. In April 2008, however, Barron's obtained a copy and notes that it includes "a discussion of soaring housing prices and their effect on consumer spending; it even anticipates a bursting housing bubble". During his economics studies at New York University, Greenspan worked under Eugene Banks,

249-702: A contribution to Stern for the Rosenwald Global Value Student Investment Fund. Every year, a tenth of the fund will be invested in one or more stocks based on recommendations made by the students in his Global Value Investing class. Stern offers three undergraduate degree programs: a Bachelor of Science in Business, in Business and Political Economy (BPE), or in Business, Technology, and Entrepreneurship (BTE). Applicants are required to apply directly to each program, and all programs are extremely selective. Stern's overall acceptance rate for

332-549: A corporate director for Aluminum Company of America (Alcoa); Automatic Data Processing ; Capital Cities/ABC, Inc. ; General Foods ; J.P. Morgan & Co. ; Morgan Guaranty Trust Company ; Mobil Corporation ; and the Pittston Company . He was a director of the Council on Foreign Relations foreign policy organization between 1982 and 1988. He also served as a member of the influential Washington-based financial advisory body,

415-404: A democratic society individuals have to make compromises with each other over conflicting ideas of how money should be handled. He said he himself had to make such compromises, because he believes that "we did extremely well" without a central bank and with a gold standard . In a congressional hearing on October 23, 2008, Greenspan admitted that his free-market ideology shunning certain regulations

498-402: A follow-up article in which he defended his ideology as applied to his conceptual and policy framework, which, among other things, prohibited him from exerting real pressure against the burgeoning housing bubble or, in his words, "leaning against the wind". Greenspan argued, "My view of the range of dispersion of outcomes has been shaken, but not my judgment that free competitive markets are by far

581-414: A greater variety of "mortgage product alternatives" other than traditional fixed-rate mortgages. Greenspan also praised the rise of the subprime mortgage industry and its tools for assessing credit-worthiness: Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants. Such developments are representative of the market responses that have driven

664-722: A managing director at the Wall Street investment bank Brown Brothers Harriman , in the firm's equity research department. From 1948 to 1953, Greenspan worked as an analyst at the National Industrial Conference Board (currently known as the Conference Board ), a business- and industry-oriented think tank in New York City. Before he was appointed chairman of the Federal Reserve, from 1955 to 1987, Greenspan

747-401: A memoir titled The Age of Turbulence: Adventures in a New World , published September 17, 2007. Greenspan says that he wrote the book in longhand mostly while soaking in the bathtub, a habit he regularly employs since injuring his back in 1971. Greenspan discusses in his book, among other things, his history in government and economics, capitalism and other economic systems, current issues in

830-496: A number of critical responses from forum contributors, who, finding causation between Greenspan's policies and the discontinuities in financial markets that followed, criticized Greenspan mainly for what many believed to be his unbalanced and immovable ideological suppositions about global capitalism and free competitive markets. Notable critics included J. Bradford DeLong , Paul Krugman , Alice Rivlin , Michael Hudson , and Willem Buiter . Greenspan responded to his critics in

913-512: A pool of Stern applicants separate from those applying to the New York University’s other colleges, such as the College of Arts and Sciences (CAS), Tisch School of Arts , and Tandon School of Engineering . At the time of applying, prospective students must also indicate their program of choice: BTE, BPE, or BS in Business. Their applications are then sorted and uniquely evaluated based on

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996-485: A powerful stabilizing force over the past two years of economic distress by facilitating the extraction of some of the equity that homeowners have built up over the years". According to some, however, Greenspan's policies of adjusting interest rates to historic lows contributed to a housing bubble in the United States. The Federal Reserve acknowledged the connection between lower interest rates, higher home values, and

1079-581: A spectrum of academic programs at the graduate and undergraduate levels. The school is located on West 4th Street, occupying Shimkin and Tisch Halls and the Kaufman Management Center, on NYU's Washington Square campus. Students who attend the Stern School of Business are often called "Sternies". Stern offers a study abroad program, IBEX (International Business Exchange Program). This program lasts one semester at many business schools around

1162-473: A state of shocked disbelief." Referring to his free-market ideology, Greenspan said: "I have found a flaw. I don't know how significant or permanent it is. But I have been very distressed by that fact." When Representative Henry Waxman (D-CA) pressed him to clarify his words. "In other words, you found that your view of the world, your ideology, was not right, it was not working," Waxman said. "Absolutely, precisely", Greenspan replied. "You know, that's precisely

1245-518: A weak dollar. By late 2004, the price of gold was higher than its 12-year moving average. Greenspan advised senior members of the George W. Bush administration to depose Saddam Hussein for the sake of the oil markets. He believed that even a moderate disruption to the flow of oil could translate into high oil prices, which could lead to "chaos" in the global economy and bring the industrial world "to its knees". He feared that Saddam could seize control of

1328-651: Is a collaboration with the Hong Kong University of Science and Technology . In 2000, Stern, in partnership with London School of Economics and Political Science (LSE), and HEC School of Management (HEC Paris) launched the TRIUM Global Executive MBA Program . The program combines the complementary strengths of three premier universities and five international learning locations to ensure global depth and focus. Stern also offers dual degree tracks, including MD/MBA program for those enrolled at

1411-664: Is also highly selective, with a transfer acceptance rate of 2% in 2019. In 2020, the finance and international business programs were both ranked #2 nationally by U.S. News & World Report . Additionally, Stern undergraduate students from the Class of 2020 reported an average starting salary of $ 90,915. Stern offers the Master of Business Administration (MBA) for full-time students and executive programs for working professionals. It also offers Master of Science (MS) degrees; two are collaborations with New York University Shanghai and one

1494-508: 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. First nominated to the Federal Reserve by President Ronald Reagan in August 1987, Greenspan was reappointed at successive four-year intervals until retiring on January 31, 2006, after

1577-621: Is located on Gould Plaza next to the Courant Institute of Mathematical Sciences and the economics department of the College of Arts and Sciences . Stern's alumni include former chair of the Federal Reserve of the United States, Alan Greenspan ; former CEO and current chairman of Nasdaq , Robert Greifeld ; Iceland's "first billionaire ", Thor Bjorgolfsson ; former CEO and chairman of MetLife , John J. Creedon ; former CEO of Viacom , Thomas E. Dooley ; former CFO of Pfizer , Alan Levin ; president of DC Comics , Paul Levitz ; and

1660-399: Is not that humans have become any more greedy than in generations past. It is that the avenues to express greed had grown so enormously", and suggested that financial markets need to be more regulated. His critics, led by Steve Forbes , attributed the rapid rise in commodity prices and gold to Greenspan's loose monetary policy, which Forbes believed had caused excessive asset inflation and

1743-502: 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 Robert Shiller argues that "once stocks fell, real estate became

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1826-593: The 1987 stock market crash that the Fed "affirmed today its readiness to serve as a source of liquidity to support the economic and financial system". Although the Federal Reserve followed its announcement with monetary policy actions, which became known as the Greenspan put , George H. W. Bush attributed his re-election loss to a sluggish response. Democratic president Bill Clinton reappointed Greenspan, and consulted him on economic matters. Greenspan lent support to Clinton's 1993 deficit reduction program. Greenspan

1909-502: The Association to Advance Collegiate Schools of Business . Established as the School of Commerce, Accounts and Finance, the school changed its name in 1988 in honor of Leonard N. Stern , an alumnus and benefactor of the school. The school offers Bachelor of Science in Business at the undergraduate level and Master of Business Administration degrees at the postgraduate level. The school

1992-501: The Federal Open Market Committee voted to reduce the federal funds rate from 3.5% to 3.0%. Then, after the accounting scandals of 2002, the Fed dropped the federal funds rate from then current 1.25% to 1.00%. Greenspan stated that this drop in rates would have the effect of leading to a surge in home sales and refinancing, adding that "Besides sustaining the demand for new construction, mortgage markets have also been

2075-655: The Graduate Record Examinations (GRE) from MBA candidates applying beginning in 2010. Applicants were to have the option to submit either GMAT or GRE scores with their application. Stern's alumni include former Chair of the Federal Reserve of the United States, Alan Greenspan ; former CEO and current Chairman of Nasdaq , Robert Greifeld ; Iceland's "first billionaire ", Thor Bjorgolfsson ; former CEO and chairman of MetLife , John J. Creedon ; former CEO of Viacom , Thomas E. Dooley ; CFO of Pfizer , Alan Levin ; President of DC Comics , Paul Levitz ; and

2158-674: The Grossman School of Medicine , JD/MBA program for those enrolled at the NYU School of Law , MBA/MS program in collaboration with the Courant Institute of Mathematical Sciences , and MBA/MFA program for those enrolled in the Graduate Film Program at the Tisch School of the Arts . In 2023, Stern announced its partnership with NYU Abu Dhabi to launch a one-year full-time MBA Program in

2241-566: The Group of Thirty in 1984. 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. Investor, author and commentator Jim Rogers has said that Greenspan lobbied to get this chairmanship. Two months after his confirmation, Greenspan said immediately following

2324-567: The H-1B visa program, telling a U.S. Senate subcommittee that the visa quota is "far too small to meet the need" and saying that it protects U.S. workers from global competition, creating a "privileged elite". Testifying on immigration reform before the Subcommittee on Immigration, Border Security and Citizenship, he said more skilled immigration was needed "as the economy copes with the forthcoming retirement wave of skilled baby boomers". Greenspan wrote

2407-496: The 1960s, international business courses were introduced. The New York University, Graduate School of Business Administration, C.J. Devine Institute of Finance (1959–1966) published Finance and Investment bulletins related to International finance. The school awarded its first Doctor of Commercial Sciences degree in 1970. The School of Commerce, Accounts and Finance was renamed the College of Business and Public Administration in 1972. In

2490-613: The Fed, Greenspan formed an economic consulting firm, Greenspan Associates LLC. He also accepted an honorary (unpaid) position at HM Treasury in the United Kingdom. On February 26, 2007, Greenspan forecast a possible recession in the United States before or in early 2008. Stabilizing corporate profits are said to have influenced his comments. The following day, the Dow Jones Industrial Average decreased by 416 points, losing 3.3% of its value. In May 2007, Greenspan

2573-524: The People's Republic of China for its refusal to let the yuan rise , suggesting instead that any American workers displaced by Chinese trade could be compensated through unemployment insurance and retraining programs. Greenspan's term as a member of the board ended on January 31, 2006, and Ben Bernanke was confirmed as his successor. As chairman of the board, Greenspan did not give any broadcast interviews from 1987 through 2005. Immediately after leaving

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2656-551: 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. That is, we on a daily basis require continuous flow. If that flow is shut off, it causes catastrophic effects in the industrial world. And it's that which made him [Saddam] far more important to get out than bin Laden." On May 18, 2004, Greenspan

2739-399: The U.S. primary and secondary education systems. He asserts this would narrow the inequality between the minority of high-income earners and most workers whose wages have not grown in proportion with globalization and the nation's GDP growth. Ayn Rand Institute Other In the early 1950s, Greenspan began an association with novelist and Objectivist philosopher Ayn Rand . Greenspan

2822-666: The UAE. Stern at NYUAD is scheduled to welcome its inaugural class in January 2025. Prospective Stern undergraduate candidates apply in their senior year of high school either through the Early Decision I (EDI), Early Decision II (EDII), or Regular Decision (RD) process. Unlike many other undergraduate business programs where students transfer in after their first or second year, Stern applicants apply specifically for Stern during their senior year of high school. These candidates are then grouped with

2905-482: The United States is likely to be judged as the most wrenching since the end of World War II . In it he argued: "We will never be able to anticipate all discontinuities in financial markets." He concluded: "It is important, indeed crucial, that any reforms in, and adjustments to, the structure of markets and regulation not inhibit our most reliable and effective safeguards against cumulative economic failure: market flexibility and open competition." The article attracted

2988-480: The banks lend to unfit borrowers. He refused, trusting the market to weed out bad credit risks. It did not." In congressional testimony on October 23, 2008, Greenspan finally conceded error on regulation. The New York Times wrote, "a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending ... Mr. Greenspan refused to accept blame for

3071-464: The borrower paid during the first few years of the mortgage. In 2008, Greenspan expressed great frustration that the February 23 speech was used to criticize him on ARMs and the subprime mortgage crisis , and stated that he had made countervailing comments eight days after it that praised traditional fixed-rate mortgages. In that speech, Greenspan had suggested that lenders should offer to home purchasers

3154-489: The bursting of the dot-com bubble . 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. Instead, he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward". E. Ray Canterbery agrees with Krugman's criticism. In January 2001, Greenspan, in support of President Bush's proposed tax decrease, stated that

3237-597: The causes of prosperity and depression, the consequences of government intervention, and the fallacies of collectivist economics. Rand stood beside him at his 1974 swearing-in as chairman of the Council of Economic Advisers . Greenspan and Rand remained friends until her death in 1982. Greenspan has come under criticism from Harry Binswanger , who believes his actions while at work for the Federal Reserve and his publicly expressed opinions on other issues show abandonment of Objectivist and free market principles. When questioned in relation to this, however, he has said that in

3320-487: The chosen program. Those applying for the BTE and BPE programs can opt for BS in Business program as a secondary choice should their initial applications be rejected. Admissions decisions are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity. In 2023, the median combined verbal and math SAT score of incoming freshmen at

3403-618: The class of 2027 was less than 5%. In 2023, the Business, Technology, and Entrepreneurship (BTE) program received over 5,000 applications for its 50 available spots, resulting in an acceptance rate of less than 2%. Current BS in Business students also have the option to apply to two dual-degree programs: a BS/MS in Accounting or a BS in Business/BFA in Film and Television from the Tisch School of Arts . Transfer admission to Stern's undergraduate program

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3486-481: The companies—nearly a quarter of the home-mortgage market—posed significant risks to the nation's financial system should either company face significant problems." Despite this, Greenspan still claims to be a firm believer in free markets, although in his 2007 biography he wrote, "History has not dealt kindly with the aftermath of protracted periods of low risk premiums " as seen before the credit crisis of 2008. In 2009, Robert Reich wrote that "Greenspan's worst move

3569-487: The crisis but acknowledged that his belief in deregulation had been shaken". Although many Republican lawmakers tried to blame the housing bubble on Fannie Mae and Freddie Mac, Greenspan placed far more blame on Wall Street for bundling subprime mortgages into securities. In March 2008, Greenspan wrote an article for the Financial Times ' Economists' Forum in which he said that the 2007–2008 financial crisis in

3652-426: The current interest in the market. The Fed's own funds rate was at a then all-time-low of 1%. A few months after his recommendation, Greenspan began raising interest rates, in a series of rate hikes that would bring the funds rate to 5.25% about two years later. A triggering factor in the 2007 subprime mortgage financial crisis is believed to be the many subprime ARMs that reset at much higher interest rates than what

3735-482: The excesses of the financial system were noted, (he and others) called for self-regulation—an oxymoron ". Greenspan, according to The New York Times , says he himself is blameless. On April 6, 2005, Greenspan called for a substantial increase in the regulation of Fannie Mae and Freddie Mac : "Appearing before the Senate Banking Committee , the Fed chairman, Alan Greenspan, said the enormous portfolios of

3818-622: The federal surplus could accommodate a significant tax cut while paying down the national debt. In autumn 2001, as a decisive reaction to the September 11 attacks and various corporate scandals which undermined the economy, the Greenspan-led Federal Reserve initiated a series of interest cuts that brought down the federal funds rate to 1% in 2004. While presenting the Federal Reserve's Monetary Policy Report in July 2002, he said that "It

3901-607: The financial services industry throughout the history of our country ... With these advances in technology, lenders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers. ... Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending; indeed, today subprime mortgages account for roughly 10 percent of

3984-495: The founding financier of The Home Depot , Kenneth Langone . Current and former CEOs of Fortune 500 companies including American Express , Berggruen Institute , Griffon Corporation , Wynn Resorts , the New York Stock Exchange , Lehman Brothers , Lord Abbett , Barnes & Noble , W. R. Berkley Corporation , McKinsey & Company , Chase Manhattan Bank , and CBS are also Stern alumni. The Stern School

4067-440: The founding financier of The Home Depot , Kenneth Langone . Current and former CEOs of Fortune 500 companies including American Express , Berggruen Institute , Griffon Corporation , Wynn Resorts , the New York Stock Exchange , Lehman Brothers , Lord Abbett , Barnes & Noble , W. R. Berkley Corporation , McKinsey & Company , Chase Manhattan Bank , and CBS are also Stern alumni. Stern's alumni also includes

4150-780: The global economy, and future issues that face the global economy. In the book, Greenspan criticizes President George W. Bush, Vice President Dick Cheney , and the Republican-controlled Congress for abandoning the Republican Party 's principles on spending and deficits. Greenspan's criticisms of President Bush include his refusal to veto spending bills, sending the country into increasingly deep deficits, and for "putting political imperatives ahead of sound economic policies". Greenspan writes, "They swapped principle for power. They ended up with neither. They deserved to lose [the 2006 election ]". He praised Bill Clinton above all

4233-610: The housing bubble itself. In 2004, Businessweek magazine analysts argued: "It was the Federal Reserve-engineered decline in rates that inflated the housing bubble ... the most troublesome aspect of the price runup is that many recent buyers are squeezing into houses that they can barely afford by taking advantage of the lower rates available from adjustable-rate mortgages. That leaves them fully exposed to rising rates." In September 2008, Joseph Stiglitz stated that Greenspan "didn't really believe in regulation; when

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4316-431: The housing bubble was "fundamentally engendered by the decline in real long-term interest rates", though he also claims that long-term interest rates are beyond the control of central banks because "the market value of global long-term securities is approaching $ 100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks". After the September 11, 2001 attacks ,

4399-423: The increased liquidity the higher home values bring to the overall economy: "Like other asset prices, house prices are influenced by interest rates, and in some countries, the housing market is a key channel of monetary policy transmission." In a February 23, 2004, speech, Greenspan suggested that more homeowners should consider taking out adjustable-rate mortgages (ARMs) where the interest rate adjusts itself to

4482-426: The influence has had pernicious effects on Greenspan's monetary policy. In the wake of the subprime mortgage and credit crisis in 2007, Greenspan stated that there was a bubble in the U.S. housing market, warning in 2007 of "large double digit declines" in home values "larger than most people expect". Greenspan also noted, however, "I really didn't get it until very late in 2005 and 2006." Greenspan stated that

4565-664: The late 2000s credit crisis. Greenspan was not alone in his opposition to derivatives regulation. In a 1999 government report that was a key driver in the passage of the Commodity Futures Modernization Act of 2000 —legislation that clarified that most over-the-counter derivatives were outside the regulatory authority of any government agency—Greenspan was joined by Treasury Secretary Lawrence Summers , Securities and Exchange Commission Chairman Arthur Levitt , and Commodity Futures Trading Commission Chairman William Ranier in concluding that "under many circumstances,

4648-483: The number of all mortgages outstanding, up from just 1 or 2 percent in the early 1990s. The subprime mortgage industry collapsed in March 2007, with many of the largest lenders filing for bankruptcy protection in the face of spiraling foreclosure rates. For these reasons, Greenspan has been criticized for his role in the rise of the housing bubble and the subsequent problems in the mortgage industry, as well as "engineering"

4731-562: The origins of the economic crisis claims that Greenspan vehemently opposed any regulation of derivatives , and actively sought to undermine the office of the Commodity Futures Trading Commission when the commission sought to initiate regulation of derivatives. Meanwhile, Greenspan recommended improving mark-to-market regulations to avoid having derivatives or other complex assets marked to a distressed or illiquid market during times of material adverse conditions seen during

4814-441: The other presidents for whom he'd worked for his "consistent, disciplined focus on long-term economic growth". Although he respected what he saw as Richard Nixon 's immense intelligence, Greenspan found him to be "sadly paranoid, misanthropic and cynical". He said of Gerald Ford that he "was as close to normal as you get in a president, but he was never elected". Regarding future U.S. economic policy, Greenspan recommends improving

4897-423: The primary outlet for the speculative frenzy that the stock market had unleashed". Greenspan has argued 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. Greenspan

4980-409: The reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well." Greenspan admitted fault in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected. New York University Stern School of Business Stern is a founding member of

5063-422: The remarkable resilience of the banking system, which had recently shrugged off severe shocks to the economy and the financial system. At the same time, I indicated some concerns about the risks associated with derivatives, including the risks posed by concentration in certain derivatives markets, notably the over-the-counter (OTC) markets for U.S. dollar interest rate options." Greenspan opposed tariffs against

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5146-416: The same year, Tisch Hall, designed by Philip Johnson and Richard Foster in a similar style as Bobst Library and Meyer Hall, opened at 40 West Fourth Street to house the undergraduate college. In 1988, a $ 30 million gift from the school's alumnus Leonard N. Stern (BS 1957; MBA 1959) allowed the school to consolidate its graduate and undergraduate facilities at NYU's Washington Square campus. The school

5229-625: The second-longest tenure in the position, behind only William McChesney Martin . President George W. Bush appointed Ben Bernanke 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. Many have argued that

5312-411: The terms of their agreement, he was not to advise any other hedge fund while working for Paulson. In 2007, Paulson had foreseen the collapse of the sub-prime housing market and hired Goldman Sachs to package their sub-prime holdings into derivatives and sell them. Some economic commentators blamed this collapse on Greenspan's policies while at the Fed. On April 30, 2009, Greenspan offered a defense of

5395-494: The trading of financial derivatives by eligible swap participants should be excluded from the CEA" ( Commodity Exchange Act ). Other government agencies also supported that view. In Congressional testimony on October 23, 2008, Greenspan acknowledged that he was "partially" wrong in opposing regulation and stated "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity—myself especially—are in

5478-412: The undergraduate level of Stern was 1550 and 95% ranked within the top 10% of their high school's graduating class. The MBA program's admission rate is one of the lowest in the country at 15.7%. The admitted (full-time) MBA students' average Graduate Management Admission Test (GMAT) score was 720 with an undergraduate average GPA of 3.51. The Stern School announced it would join the programs accepting

5561-636: The unrivaled way to organize economies". He concluded: "We have tried regulation ranging from heavy to central planning. None meaningfully worked. Do we wish to retest the evidence?" Financial Times associate editor and chief economics commentator Martin Wolf defended Greenspan primarily as a scapegoat for the market turmoil. Several notable contributors in defense of Greenspan included Stephen S. Roach , Allan Meltzer , and Robert Brusca. However, an October 15, 2008, article in The Washington Post analyzing

5644-550: The world. Stern currently has multiple partner schools for this program in Singapore , Australia, China, Denmark, England, France, Hong Kong SAR , Italy, South Korea, Mexico, The Netherlands, Spain and Thailand. In 2005, Stern launched the Student Social Venture Fund, the first student-run venture philanthropy fund of its kind at a U.S. business school. In 2012, Professor James B. Rosenwald and his wife, Laura made

5727-769: Was John Kemeny . He played clarinet and saxophone along with Stan Getz . He further studied clarinet at the Juilliard School from 1943 to 1944. Among his bandmates in the Woody Herman band was Leonard Garment , Richard Nixon 's special counsel . In 1945, Greenspan attended New York University's Stern School of Business , where he earned a B.A. degree in economics summa cum laude in 1948 and an M.A. degree in economics in 1950. At Columbia University , he pursued advanced economic studies under Arthur Burns but withdrew because of his increasing work demand at Townsend-Greenspan & Company. In 1977, Greenspan obtained

5810-513: Was being written. During the 1950s and 1960s Greenspan was a proponent of Objectivism, writing articles for Objectivist newsletters and contributing several essays for Rand's 1966 book Capitalism: The Unknown Ideal including an essay supporting the gold standard . During the 1960s Greenspan offered a ten-lecture course, "The Economics of a Free Society", under the auspices of the Nathaniel Branden Institute . The course highlighted

5893-675: Was born in the Washington Heights area of New York City. His father, Herbert Greenspan, was of Romanian Jewish descent, and his mother, Rose Goldsmith, was of Hungarian Jewish descent. After his parents divorced, Greenspan grew up with his mother in the household of his maternal grandparents who were born in Russia. His father worked as a stockbroker and consultant in New York City. Greenspan attended George Washington High School from 1940 until he graduated in June 1943, where one of his classmates

5976-423: Was chairman and president of Townsend-Greenspan & Co., Inc., an economics consulting firm in New York City. His 32-year stint there was interrupted only from 1974 to 1977, when he served as chairman of the Council of Economic Advisers , under President Gerald Ford . In mid-1968, Greenspan agreed to serve as Richard Nixon's coordinator on domestic policy in the nomination campaign. Greenspan has also served as

6059-483: Was critical of this act, stating, "Do I like the present Social Security system? No. If you asked me whether it would be necessary in the ideal society, I'd say no. Our type of economy is far removed from where I would like to see it, but you have to be careful about moving from one type of society to another." This finance-related article is a stub . You can help Misplaced Pages by expanding it . Alan Greenspan Alan Greenspan (born March 6, 1926)

6142-477: Was flawed. When asked about free markets and Rand's ideas, however, Greenspan clarified his stance on laissez faire capitalism and asserted that in a democratic society there could be no better alternative. He stated that the errors that were made stemmed not from the principle, but from the application of competitive markets in "assuming what the nature of risks would be". E. Ray Canterbery has chronicled Greenspan's relationship with Rand, and has concluded that

6225-512: Was founded by Charles Waldo Haskins (an alumnus of New York University Tandon School of Engineering ) in 1900 as the Undergraduate School of Commerce, Accounts and Finance on the university's Washington Square campus. In 1913, Jeanette Hamill, J.D., M.A., joined the school's Economics department, becoming its first female faculty member. In 1936, women comprised 15% of the total enrollment. The Graduate School of Business Administration

6308-433: Was fundamentally a monetarist and Austrian Economist in orientation on the economy, and his monetary policy decisions largely followed standard Taylor rule prescriptions (see Taylor 1993 and 1999). Greenspan also played a key role in organizing the U.S. bailout of Mexico during the 1994–1995 Mexican peso crisis . In 2000, Greenspan raised interest rates several times; these actions were believed by many to have caused

6391-458: Was hired as a special consultant by Pacific Investment Management Company (PIMCO) to participate in their quarterly economic forums and speak privately with the bond managers about Fed interest rate policy. In August 2007, Deutsche Bank announced that it would be retaining Greenspan as a senior advisor to its investment banking team and clients. In mid-January 2008, hedge fund Paulson & Co. hired Greenspan as an adviser. According to

6474-493: Was introduced to Rand by his first wife, Joan Mitchell. Rand nicknamed Greenspan "the undertaker" because of his penchant for dark clothing and reserved demeanor. Although Greenspan was initially a logical positivist , he was converted to Rand's philosophy of Objectivism by her associate Nathaniel Branden . He became one of the members of Rand's inner circle, the Ayn Rand Collective , who read Atlas Shrugged while it

6557-499: Was launched in 1916, and was housed in the NYU's School of Commerce's Wall Street branch. Located in New York's downtown business district, the school's "Wall Street Division" served both full-time and currently employed students. The graduate school's first dean was appointed in 1921. By 1945, the school's enrollment was over 10,000 with graduates hailing from 36 countries and 48 states. In

6640-472: Was nominated by President George W. Bush to serve for an unprecedented fifth term as chairman of the Federal Reserve. He was previously appointed to the post by Presidents Reagan, George H. W. Bush, and Bill Clinton. In a May 2005 speech, Greenspan stated: "Two years ago at this conference I argued that the growing array of derivatives and the related application of more-sophisticated methods for measuring and managing risks had been key factors underlying

6723-439: Was renamed Leonard N. Stern School of Business. In 1992, Stern's new $ 68 million state-of-the-art facility, now known as Kaufman Management Center, was inaugurated. In 1998, a $ 10 million gift from Henry Kaufman (PhD 1958) supported an expansion and upgrading of Stern's facilities. Investment banker and Home Depot investor Kenneth Langone (MBA 1960) donated $ 10 million to Stern in 1999. The Langone MBA for Working Professionals

6806-993: Was renamed in his honor. Celebrating its 100th birthday in the year 2000, Stern launched a $ 100 million centennial campaign. Peter Blair Henry became dean of the school in January 2010. In 2010, the 84,500-square-foot (7,850 m ) renovation of the three Stern School of Business buildings, known as the Stern Concourse Project, was completed. This project was fully funded by donors, alumni and corporate partners. NYU Stern Westchester offers its Langone MBA for Working Professionals in Purchase, New York , at SUNY Purchase . As of October 2022, 2,865 students were enrolled in Stern's undergraduate program and 2,735 were enrolled in its Master of Business Administration (MBA) program. There are 455 faculty, which includes tenured, tenure-track, clinical, visiting and adjunct faculty. Stern offers

6889-457: Was to contribute to the giant housing bubble and the worst worldwide crash since the Great Depression . In 2004 he lowered interest rates to 1%, enabling banks to borrow money for free, adjusted for inflation. Naturally, the banks wanted to borrow as much as they possibly could, then lend it out, earning nice profits. The situation screamed for government oversight of lending institutions, lest

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