Alan Greenspan, the influential economist and former chairman of the U.S. Federal Reserve, died on Monday at the age of 100. His wife, Andrea Mitchell, confirmed his death from complications of Parkinson’s disease. Greenspan served as Fed chair from 1987 to 2006, overseeing significant economic expansions and crises, including the 1987 stock market crash, the dot-com boom and bust, and the aftermath of the September 11 attacks.
Greenspan was widely praised for his steady leadership during economic turbulence, earning the nickname "the Maestro." His tenure included the second-longest economic expansion in U.S. history, from 1991 to 2001. He was known for his data-driven approach to monetary policy and his ability to navigate complex financial crises. However, his legacy is also marked by criticism for his role in the 2008 financial crisis, which some argue was exacerbated by his policies and faith in market self-regulation.
Born in New York in 1926, Greenspan initially pursued a career in music before shifting to economics. He earned advanced degrees and built a successful consulting business before being appointed to the Fed by President Ronald Reagan in 1987. Greenspan’s tenure spanned four presidencies, and he was known for his cryptic public remarks and deep influence on global financial markets.
In 1996, Greenspan famously warned of "irrational exuberance" in the markets, a phrase that remains one of the most quoted in economic history. Despite his reputation, he acknowledged his mistakes, particularly in the lead-up to the 2008 crisis. The Financial Crisis Inquiry Commission later criticized his deregulation policies, arguing they contributed to the financial collapse.
Greenspan is survived by his wife, Andrea Mitchell, whom he married in 1997. His impact on the global economy will continue to be studied and debated for generations.