He was born in New York City, earned an Masters degree in Economics in 1950 from New York University, and a Ph.D. in Economics in 1977. He also attended Columbia University for advanced graduate study. He was a friend of Ayn Rand and was a strong intellectual adovate of the capitalist or even so-called supercapitalist system and the societial ideas and values it represented.
Mr. Greenspan is Chairman of the United States Federal Reserve Board, of which he took office August 11, 1987 and was reappointed to an unprecedented fourth term on June 20, 2000 (which ends on June 20, 2004). He has been appointed in this post by US presidents Ronald Reagan, George H. W. Bush, and Bill Clinton. From 1974 to 1977, he was Chairman of the President's Council of Economic Advisers under Gerald Ford.