| William McChesney Martin, Jr. -- A Real "Five-Termer!" - Jun. 25, 2004 |
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Longer-term readers know I'm no Alan Greenspan fan. And I continue to believe it's possible that by the time the current election cycle plays out, George W. Bush will become less of one. William McChesney Martin, Jr. remains my Fed hero! To date, he holds the record for the longest time served by a Fed chairman. It is possible for Greenspan to break that record, however, since one of Martin's five terms as chairman was the balance of an unexpired one. I had the privilege to interface occasionally with Mr. Martin after he left the Federal Reserve in 1970. It was a wonderful experience. Since Alan Greenspan took the oath of office for his fifth term last Saturday evening -- administered by Dick Cheney at the Colorado home of former President Ford, no less -- I thought it would be a good time to better acquaint people with Bill Martin's background. In my opinion, he was a genuine "five-termer," someone I believe will enjoy a long-term Fed legacy far, far better than Greenspan's. The following material was authored by Andrew F. Brimmer. Dr. Brimmer received a PhD from Harvard in 1957 and served on the Federal Reserve Board of Governors from 1966 through 1974. Currently, he is president of Brimmer & Company, Inc. of Washington DC. Dr. Brimmer also chairs the Tuskegee University Board of Trustees.
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