The most famous of all central bank bosses, so far. A former jazz musician turned economist, he became chairman of the board of governors of America's Federal Reserve in 1987, shortly before Wall Street crashed. In 2003, he was reappointed until 2005. He won admirers for delivering monetary policy that helped to bring down inflation and create the conditions for strong economic growth. Some people considered him the nearest thing capitalism had to God. In 1996, he famously wondered aloud whether rising share prices were the result of "irrational exuberance". Economists debate whether history will judge him a failure because he did not prevent the growth of a huge bubble in America's economy.