A Letter From the Publisher: Jun. 15, 1987

President Reagan's choice of Alan Greenspan to replace Paul Volcker as chairman of the Federal Reserve Board inspired immediate interest among TIME's journalists. "It took only a short time to decide that Greenspan should be on the cover," says Economy & Business Senior Editor Charles Alexander. "He is one of the most analytical and perceptive economists around, a creative thinker brimming over with ideas. Once we'd chosen him, we immediately sent messages to both our domestic and foreign news bureaus asking that they start analyzing the move."

Greenspan's good fortune, however, created a small problem. With his new job, the Fed...

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