Alan Greenspan, Former Federal Reserve Chair, Dies at 100
Greenspan, who led the U.S. central bank for nearly two decades, was credited with overseeing a long period of economic expansion but also criticized for policies that may have contributed to the 2007-09 financial crisis.
Alan Greenspan, a towering figure in American economic policy who chaired the U.S. Federal Reserve for more than 18 years, has died at the age of 100. His death was confirmed by his wife, journalist Andrea Mitchell, who stated he died at their home in Washington.
Greenspan served as chairman of the Federal Reserve from August 1987 to January 2006, overseeing a period that included the second-longest economic expansion in U.S. history, from March 1991 to March 2001. During his tenure, he was credited with navigating the nation through several economic challenges, including the 1987 stock market crash, the 1990-91 recession, the dot-com bubble's collapse in 2000, and the economic uncertainty following the September 11 terrorist attacks in 2001.
His economic philosophy often involved allowing the economy to grow, even when faced with inflationary pressures. This approach contributed to years of prosperity and elevated his status, with some regarding him as an economic maestro.
However, Greenspan's legacy also faced scrutiny, particularly after the 2007-09 financial crisis. Critics argued that his policies, including a perceived laxity in financial regulation, fueled asset price bubbles and contributed to the conditions that led to the global economic downturn. Despite this criticism, some former colleagues defended his record.
Stephen Oliner, a former senior Fed official, suggested that both the extreme praise Greenspan received before the crisis and the harsh criticism afterward were perhaps overstated. Roger Ferguson, who served as Fed vice chairman during Greenspan's tenure, stated that Greenspan should be recognized as one of the most significant central bankers of the late 20th century on a global scale.