Right away after leaving the Fed, Greenspan formed a financial consulting company, Greenspan Associates LLC. He likewise accepted an honorary (unsettled) position at HM Treasury in the UK.
On February 26, 2007, Greenspan anticipated a possible economic downturn in the United States prior to or in early 2008. Supporting business revenues are stated to have actually affected his remarks. The following day, the Dow Jones Industrial Average reduced by 416 points, losing 3.3% of its worth.
In May 2007, Greenspan was employed as an unique expert by Pacific Financial investment Management Business (PIMCO) to take part in their quarterly financial online forums and speak independently with the bond supervisors about Fed rate of interest policy.
In August 2007, Deutsche Bank revealed that it would be maintaining Greenspan as a senior consultant to its financial investment banking group and customers.
In mid-January 2008, hedge fund Paulson & Co. worked with Greenspan as a consultant. According to the regards to their contract he was not to recommend any other hedge fund while working for Paulson. (In 2007 Paulson had actually anticipated the collapse of the sub-prime real estate market and worked with Goldman Sachs to package their sub-prime holdings into derivatives and offer them. Some financial analysts blamed this collapse on Greenspan’s policies while at the Fed.)
On April 30, 2009, Greenspan used a defense of the H-1B visa program, informing a U.S. Senate subcommittee that the visa quota is “far too little to fulfill the requirement” and stating that it secures U.S. employees from worldwide competitors, producing a “fortunate elite”. Affirming on migration reform prior to the Subcommittee on Migration, Border Security and Citizenship, he stated more proficient migration was required “as the economy handles the upcoming retirement wave of competent child boomers”.
Greenspan composed a narrative entitled The Age of Turbulence: Experiences in a New World, released September 17, 2007. Greenspan states that he composed this book in longhand primarily while taking in the bath tub, a routine he routinely utilizes since a mishap in 1971, when he hurt his back. Greenspan composed:
To this day, the bath tub is where I get much of my finest concepts. My assistants have actually gotten utilized to typing from drafts scrawled on wet yellow pads– a task that got a lot easier once we discovered a sort of pen whose ink does not run. Immersed in my bath, I’m as delighted as Archimedes as I ponder the world.
Greenspan goes over in his book, to name a few things, his history in federal government and economics, commercialism and other financial systems, present problems in the international economy, and future concerns that deal with the international economy. In the book Greenspan slams President George W. Bush, Vice President Penis Cheney, and the Republican-controlled Congress for deserting the Republican politician Celebration’s concepts on costs and deficits. Greenspan’s criticisms of President Bush include his rejection to ban costs expenses, sending out the nation into significantly deep deficits, and for “putting political imperatives ahead of sound financial policies”. Greenspan composes, “They switched concept for power. They wound up with neither. They should have to lose [the 2006 election]”. He applauded Costs Clinton above all the other presidents for whom he ‘d worked for his “constant, disciplined concentrate on long-lasting financial development”. Although he appreciated what he viewed as Richard Nixon’s enormous intelligence, Greenspan discovered him to be “unfortunately paranoid, misanthropic and negative”. He stated of Gerald Ford that he “was as near to typical as you get in a president, however he was never ever chosen”. Relating to future U.S. financial policy, Greenspan advises enhancing the U.S. main and secondary education systems. He asserts this would narrow the inequality in between the minority of high-income earners and many employees whose incomes have actually not grown in percentage with globalization and the country’s GDP development.