Alan Greenspan, a renowned economist who significantly influenced U.S. monetary policy during his time as chairman of the Federal Reserve, died at the age of 100. His wife, NBC News correspondent Andrea Mitchell, confirmed his death. Greenspan served under four presidents, contributing to the shaping of modern American capitalism from the late Cold War to the digital era.
Greenspan’s tenure at the Federal Reserve marked one of the longest economic expansions in U.S. history, lasting from 1991 to 2001. However, some criticize his decisions, such as promoting financial deregulation, which they argue contributed to the global financial crisis of 2007-08.
Alan passed away at our home this morning at the age of 100 from complications of Parkinson’s disease,Mitchell said in a statement.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. Mitchell also reminisced about their life together, sharing that he had a passion for baseball, the Washington Commanders, and jazz music.Born on March 6, 1926, in New York City, Greenspan showed aptitude in mathematics from a young age. He attended Juilliard School, and later, studied economics at New York University, earning his bachelor’s and master’s degrees. He developed connections with influential figures, such as author Ayn Rand, whose philosophy on capitalism impacted his views.
Before leading the Federal Reserve, Greenspan held roles in public service, including as an adviser on Richard Nixon’s 1968 presidential campaign. He also served as chairman of the Council of Economic Advisers under President Gerald Ford, where he helped reduce inflation. Later, Ronald Reagan appointed him as chairman of the Federal Reserve, a position confirmed by the Senate in 1987.
During his chairmanship, Greenspan navigated significant market events, such as Black Monday in 1987, when the Dow Jones Industrial Average dropped over 22%. He responded swiftly to ensure market liquidity, a move that became known as the “Greenspan put.” His leadership was pivotal during the economic expansion from 1991 to 2001, and he earned celebrity status for his role during this period.
Greenspan retired in 2006 as one of the longest-serving Fed chairs. Critics scrutinized his role in the housing market bubble of the early 2000s, and the Financial Crisis Inquiry Commission highlighted his deregulation policies as factors leading to the financial crisis.
After the Fed, Greenspan founded his consulting company and published books, including his memoir The Age of Turbulence. He shared insights about the presidents he served, offering praise and critique.
Despite challenges, Greenspan received numerous honors. He was awarded the Medal of Freedom by President George W. Bush in 2005, as well as international accolades like France’s Legion of Honor and an honorary knighthood by Queen Elizabeth II.