Alan Greenspan, the influential economist who guided the Federal Reserve for over 18 years, has passed away at the age of 100. His wife, NBC News correspondent Andrea Mitchell, confirmed that he died due to complications from Parkinson’s disease. Serving as the 13th chair of the Fed Board of Governors, Greenspan held the post from 1987 until 2006, working under four different presidents: Ronald Reagan, George H.W. Bush, Bill Clinton, and George W. Bush.
Known as a key architect of the modern American economy, Greenspan oversaw a period of significant growth and price stability. However, his legacy remains mixed, as he faced intense criticism for failing to curb market risks that preceded the 2008 global financial crisis. The Federal Reserve issued a statement expressing profound sadness, noting his substantial impact on monetary policy and economic theory.
Before his tenure at the central bank, Greenspan was a New Yorker who began by studying music before shifting his focus to economics. He became famous for his 1996 warning regarding “irrational exuberance,” a phrase he used to characterize excessive market optimism. Mitchell noted that while he was a titan in the world of finance, he also possessed a deep enthusiasm for sports, music, and jazz throughout his life.