Alan Greenspan, the 13th chairman of the Federal Reserve, passed away at the age of 100. His wife, Andrea Mitchell, reported that he died at their home due to complications from Parkinson’s Disease. Greenspan served under four U.S. presidents and was known for overseeing one of the longest economic expansions in U.S. history. He was first nominated by President Ronald Reagan in 1987 and was reappointed by Presidents George H.W. Bush, Bill Clinton, and George W. Bush, serving nearly 19 years until 2006.
Greenspan's policies focused on maintaining low inflation and price stability, contributing to what is known as the "Great Moderation," a period marked by reduced volatility in GDP growth and inflation. However, he faced criticism for his monetary policies, particularly the "Greenspan put," which some believe contributed to the dot-com bubble and the 2008 financial crisis. In 2008, he acknowledged a flaw in his thinking regarding the mortgage crisis but defended his actions by stating there was no evidence that home prices would collapse.
In addition to his role at the Federal Reserve, Greenspan was chairman of Townsend-Greenspan & Co., Inc., and served as chairman of the Council of Economic Advisers under President Gerald Ford. He was born on March 6, 1926, in New York City and had a background in music, having studied at the Juilliard School. Greenspan authored ten books and received numerous awards, including the Presidential Medal of Freedom in 2005 and knighthood from the United Kingdom in 2002.