Alan Greenspan, the influential economist and former chairman of the US Federal Reserve, has died aged 100. His wife, Andrea Mitchell, an NBC News correspondent, announced that he died at home due to complications related to Parkinson's disease.
Family statement and legacy
In a statement, Mitchell said: “He was a giant of a man who helped shape the US economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes. 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.”
Career at the Federal Reserve
Greenspan, born in New York in March 1926, served as chairman of the Federal Reserve from 1987 to 2006. He guided the central bank from the end of the Cold War into the digital age, serving under Presidents Ronald Reagan, George H.W. Bush, Bill Clinton, and George W. Bush. During his tenure, he was responsible for safeguarding the dollar's resilience and supporting US economic growth.
Criticism and later years
Greenspan faced criticism for a relaxed approach to credit that led to the dot-com bubble in the 1990s and contributed to the subprime mortgage crisis linked to the 2008 financial crash. After three decades running an economic consultancy before his Fed role, he spent his later years writing books and appearing as a commentator on US news programmes.
Federal Reserve tribute
The Federal Reserve issued a statement: “Under his leadership, the Federal Reserve achieved a sustained era of price stability that supported economic growth and helped anchor the public’s confidence in the institution. Chairman Greenspan’s legacy endures at the Federal Reserve in those he mentored directly, in the economists and public servants he inspired, and in the frameworks and practices he helped shape. The Federal Reserve extends its deepest condolences to his wife, Andrea Mitchell, and to his family.”
