(Institution Name)
Introduction:
The personality that this assignment aims to focus is Alan Greenspan, who has served as the chairman of the Federal Reserve of the United States from 1987 to 2006 and is considered as amongst the most influential of people in the political domain of the country. He has now retired from that service and has his own company through which he provides consultancy to his client corporations. By profession, he is an economist who is acknowledged to have superb grip in his field and great expertise (Biography, 2016). There is found a lot of negative sentiment about him in the society and because of the reasons that he is considered the main culprit to have driven the United States economy into the turmoil that it is in right now. Also, he is considered as the most relevant person to be blamed for the presence of so many financial bubbles in the economy of the United States. Lastly, he has been deeply involved in influencing the political decision-making processes thus tapering with the free representation of the people.
Body:
There are two kinds of effects that decisions have on the economy of a region; one is rather short terms whereas the other is long term. Although the decisions that he made when he chaired the very important seat seemed good at that time, it has turned out that they have devastated the economy, and now there is a prominently visible gap in the plan and policy of the government and the related departments to come out of it, and imposition of taxes has become the only way to meet the expenses. The tradition of always increasing taxes on the public was made by Alan Greenspan (DiChristopher, 2016).
He is considered to be the main person behind the all so devastating mortgage bubble that tore the United States economy and shattered the trust on the state badly in the year 2008. That is just one volumetric case and example of what Greenspan has done to the economy, he has also caused the emergence of several other bubbles in the economy particularly in the stock exchange and the mercantile market. Whenever these bubbles become news, there is devastation all around for the United States economy as he has had things gotten sold for a lot more price than they were worth.
He has always been influential over the politicians on all the levels and has had them making policies and announcements that best suited his personal and business ambitions and goals. Greenspan has caused Bush to make the social security partly privatized so that the profit sector can be partnered in the profits but that has incurred one trillion dollars in cost to the general public that was made in the terms of transactions (Harrison & Harrison, 2010).
Conclusion:
In order to achieve his financial goals, he has always been pressurizing the governments to increase taxes in order to reduce the deficit that the United States budget faces each year rather than allowing the governments to reduce their expenses of both the progressive and non-progressive sorts. The vanishing of $2.4 trillion in the Bush presidency that was announced for the social security still remains a much less discussed mystery that is suspected to have been lead and caused by Alan Greenspan.
References
Biography. (2016). Biography.com. Retrieved 29 April 2016, from http://www.biography.com/people/alan-greenspan-9319769
DiChristopher, T. (2016). Greenspan: Monetary policy has hit the wall. CNBC. Retrieved 29 April 2016, from http://www.cnbc.com/2016/04/14/greenspan-productivity-profit-woes- are-political-problems.html
Harrison, E. & Harrison, E. (2010). Greenspan: Hate Him, Hate Him | Credit Writedowns. Credit Writedowns. Retrieved 29 April 2016, from https://www.creditwritedowns.com/2010/04/greenspan-hate-him-hate-him.html
