"How do we know when irrational exuberance has unduly escalated asset values?"

Alan Greenspan (1926 - )

Dr. Greenspan was born on March 6, 1926, in New York City. As a son of a stockbroker and retail worker, Greenspan displayed a gift for figures at a young age, often impressing his mother's cronies by solving mathematical puzzles in his head. After high school, Greenspan studied music at the Juilliard School and accepted his first real job as a clarinet and saxophone player in a swing band.

He received a B.S. in economics in 1948, an M.A. in economics in 1950, and a Ph.D. in economics in 1977, all from New York University. Dr. Greenspan also has performed advanced graduate study at Columbia University.

He took office June 20, 2000, as Chairman of the Board of Governors of the Federal Reserve System for a fourth four-year term ending June 20, 2004. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He originally took office as Chairman and to fill an unexpired term as a member of the Board on August 11, 1987. Dr. Greenspan was reappointed to the Board to a full 14-year term, which began February 1, 1992. He has been designated Chairman by Presidents Reagan, Bush, and Clinton.

Sources of information: The Federal Reserve Board, ABC News