1926- . US economist, who succeeded Paul
Volcker as chair of the Federal Reserve Board
in 1987 and successfully pumped liquidity
into the market to avert a sudden `freefall'
into recession after the Wall Street share
crash of Oct 1987. Born in New York and
educated at Columbia University, he served as
economics adviser and member of a variety of
`task forces` under the Republican Presidents
Nixon, Ford, and Reagan.