'This Week' in History: Former Federal Reserve Chairman Alan Greenspan

— -- Two months after taking helm of the Federal Reserve, Alan Greenspan was asked a seemingly simple question, "Are you enjoying your new job?"

His response? Two words: "So far."

The newly appointed Federal Reserve chairman made one of his few television appearances as the sitting Fed Chairman on October 4, 1987 on This Week with David Brinkley.

In economic terms, times were good. The unemployment rate was at 5.9 percent, compared to the 9.7 today. Regardless, ABC's George Will suggested the Chairman could be made irrelevant by spiraling federal budget deficits which could lead to inflation – paying off debt with a dollar that was worth less than before.

"Well, I trust I'm not, [irrelevant]" Greenspan responded. "But more importantly, I trust the system is not. … It would be disaster if we were to do that."

But trouble for the economy was lurking around the corner. Just two weeks later, on October 19, the Dow Jones Industrial Average would plummet a staggering 508 points, (22.6%). Even under the strain of "Black Monday", Greenspan kept his cool. He wrote in his autobiography:

"I was not inclined to panic, because I understood the nature of the problems we would face. Still, when I hung up the phone around midnight, I wondered if I'd be able to sleep. That would be the real test. "Now we're going to see what you're made of," I told myself. I went to bed, and, I'm proud to say, I slept for a good five hours."

Watch this clip from the 1987 show where Greenspan faces Brinkley, Will and ABC's Sam Donaldson. And Greenspan will return to This Week this Sunday with Senior White House Correspondent Jake Tapper as host. Tune in and see his thoughts on the new job number gains announced Friday.