Alan Greenspan is an American economist who served as chairman of the Federal Reserve of the U.S from 1987 to 2006. He had a successful consulting career before he was appointed chairman by President Ronald Reagan and reappointed at successive four year intervals until his retirement, the second longest tenure in the position. A close friend of Ayn Rand, he was greatly influenced by her thoughts and concepts. He adopted her philosophy of individual effort, self-interest and laissez-faire capitalism. As the Chairman of the Council of Economic Advisers, during Gerald Ford’s presidency, he promoted policies that caused the rate of inflation to drop drastically. As the Chairman of the Federal Reserve Board, his monetary policy was aimed at avoiding the dangers of inflation and recession. He realized that the rates of growth and the stock prices would attain a point of saturation and warned the public about it. He is credited with longest official economic expansion in American history. He was recognized as one of the most powerful and influential persons internationally and has been conferred many awards and honors. However, in 2011 his image took a beating when the Financial Crisis Inquiry Commission found many of his policies to be detrimental in the long run.