Alan Greenspan Dies At 100: A Lookback At Former Federal Reserve Chair’s Career

Former Federal Reserve Chairman Alan Greenspan has died at the age of 100 due to complications from Parkinson's Disease, his wife said in a statement.

Greenspan's wife, Andrea Mitchell, told NBC News, “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,” Mitchell, the NBC's chief Washington correspondent and chief foreign affairs correspondent, said.

Greenspan, the Fed Reserve Chair from 1987 to 2006, oversaw one of the longest economic expansions in US history, from the Cold War to the dawn of the digital age. He also faced flak for decisions such as advocating for deregulation of the financial sector, which critics said created conditions for the 2007-08 financial crisis.

He served five consecutive four-year terms under four presidents. Greenspan had the second-longest tenure as Fed chair, behind William McChesney Martin.

Who Was Alan Greenspan?

Greenspan was born in New York City in 1926. He studied at New York University for his bachelor's (summa cum laude), master's, and doctoral degrees, all  in economics.

Before receiving his doctorate, Greenspan studied economics at Columbia University under Arthur Burns, who would later become the chairman of the Board of Governors.

He started his career in 1948 with a nonprofit organisation called the National Industrial Conference Board, where he analysed demand for steel, aluminum and copper.

Greenspan was chairman and president of economic consulting firm Townsend-Greenspan & Co., Inc., from 1954 to 1974 and from 1977 to 1987.

He was the chairman of the President's Council of Economic Advisers under President Gerald Ford from 1974 to 1977.

Greenspan originally took office as the Federal Reserve Chair in 1987 to fill an unexpired term as a member of the Board of Governors. During his first term, he faced the October 1987 stock market crash, where his quick actions helped ensure liquidity in the markets.

During his tenure he led the central bank through two US recessions, the Asian financial crisis of 1997, and the September 11 terrorist attacks. However, critics faulted him for missing the early 2000s housing bubble. He was also accused of failing to discourage trade in securities backed by subprime mortgage loans and encouraging deregulation in the financial sector.  

Greenspan had a reputation for being strongly anti-inflation, with a focus on price control than on promoting full employment.

He started his own consulting firm, Greenspan Associates, LLC after he stepped down from office.