Appointed chairman of the nation's central bank just two months before the stock market crash of 1987, American economist Alan Greenspan (born 1926) acted quickly to avert a general financial collapse.

Alan Greenspan was born in New York City on March 6, 1926, to Herman H. and Rose G. Greenspan. His bachelor's (1948), master's (1950), and Ph.D. (1977) degrees in economics were all earned at New York University. For three decades, 1954-1974 and 1977-1987, he was chairman and president of an economic consulting firm in New York City, Townsend-Greenspan & Co., Inc. His distinguished record during this time was reflected by his elections as chairman of the Conference of Business Economists, president of the National Association of Business Economists, and director of the National Economists Club.

His career in the private sector was interrupted by calls to public service, first as chairman of President Ford's Council of Economic Advisors (1974-1977), then as chairman of President...