Alan Greenspan dies at 100: Former Fed chairman who shaped America's economy
Greenspan known as the 'Maestro' for his handling of various economic crises
Alan Greenspan, the influential economist and long-held chairman of the Federal Reserve died on Monday at the age of 100.
The announcement of his demise came from his wife Andrea Mitchell, who said in a statement, ““Alan passed away at our home this morning at the age of 100 from complications of Parkinson’s Disease.”
“He was a giant of a man who helped shape the U.S. economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes,” she added.
“To me he was my husband, who shaped my life from our very first date in 1984. He had ‘irrational exuberance’ for baseball, the Washington Commanders, tennis, golf and music, especially jazz. He will be remembered for his brilliance and his kindness. Being his life partner was the joy of my life.”
Greenspace served as Chairman of the Federal Reserve for 18 years, making him the second-longest serving chair in history. He was popular for handling various economic crises and gained the reputation of being called “maestro.”
He helped the markets to steer through the 1987 Black Monday crash and launched the concept of “Greenspan put.”Later, in the aftermath of 2001 terror attacks, Greenspan also managed the financial crisis stemming from the dotcom bubble burst. He was the influential economist who shaped modern American capitalism from the Cold War through the advent of the digital age.
He also served the positions of Chairman of the Council of Economic Advisers under President Gerald Ford and advisory during the Nixon administration.
However, Greenspan’s reputation did not remain intact but later became complicated due to his disputed role in his policies preceding the Great Recession.
Supporters applauded him for supervising the longest economic expansion in US history. However, the critics censured his "easy money" policies and low interest rates created the housing bubble that led to the 2008 Great Recession.
In 2011, a bipartisan commission discovered that his policies regarding the financial industry deregulation and failure to discourage subprime mortgage lending were responsible for the economic crunch.
Later, Greenspace admitted his mistakes that the 2008 crisis was “much broader than anyone could have expected.”
Despite his mistakes, he was awarded with the Presidential Medal of Freedom in 2005, an honorary knighthood from Queen Elizabeth II in 2002, and the French Legion of Honor in 2000.
