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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 Collectivewho read Atlas Shrugged while it was being written. During the s and s Greenspan was a proponent of Objectivism, writing articles for Objectivist newsletters and contributing several essays for Rand's book Capitalism: The Unknown Ideal including an essay supporting the gold standard.
Greenspan and Rand remained friends until her death in When questioned in relation to this, however, he has said that in 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 Alan greenspan nyu dissertation believes that "we did extremely well" without a central bank and with a gold standard.
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". Ray Canterbery has chronicled Greenspan's relationship with Rand, and has concluded that the influence has had pernicious effects on Greenspan's monetary policy.
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. InGreenspan expressed great frustration that the February 23 speech was used to criticize him on ARMs and the subprime mortgage crisisand stated that he had made countervailing comments eight days after it that praised traditional fixed-rate mortgages.
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 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 the number of all mortgages outstanding, up from just 1 or 2 percent in the early s.
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" the housing bubble itself. In Businessweek magazine analysts argued: That leaves them fully exposed to rising rates.
In Robert Reich wrote that "Greenspan's worst move was to contribute to the giant housing bubble and the worst worldwide crash since the Great Depression. 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 the banks lend to unfit borrowers.
He refused, trusting the market to weed out bad credit risks. 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 Greenspan refused to accept blame for the crisis but acknowledged that his belief in deregulation had been shaken".In , Greenspan obtained 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 , when he became Chairman of the Federal Reserve Board. The subprime mortgage crisis is an ongoing alan greenspan dissertation nyu economic problem characterized by contractedhow to write a chicago style paper Nyu Summer Dissertation Writing Program purchase written.
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