Alan Greenspan, the economist and longtime head of the Federal Reserve, died Monday at the age of 100. His wife confirmed the news to NBC, saying he died of complications from Parkinson’s Disease.
Greenspan presided over the Fed for five terms and oversaw one of the longest economic expansions in U.S. history before being faulted, in part, for the 2007-08 financial crisis.
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“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,” Greenspan’s wife, Andrea Mitchell, said.
“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,” Mitchell added. “He will be remembered for his brilliance and his kindness. Being his life partner was the joy of my life.”
His work at the Fed
In August of 1987, Greenspan joined the Federal Reserve to fill an unexpired term. He stayed on the Board of Governors, appointed chairman by four different presidents, until Jan. 31, 2006.
Greenspan’s Fed career was filled with many ups and downs. When he first joined, he was faced with the 1987 stock market crash. He also led the Fed through major economic repercussions, including two US recessions, the Asian financial crisis of 1997, and the September 11, 2001, terrorist attacks.
He was long praised for helping the economy through the longest economic expansion in U.S. history, from 1991 to 2001, and achieved celebrity status when stocks soared to record levels under President Bill Clinton.
In addition to high praise, Greenspan was scrutinized in the wake of the 2007-08 financial collapse, with many saying his actions set the stage for it.
In 2011, the bipartisan Financial Crisis Inquiry Commission found the collapse was triggered, in part, by Greenspan’s actions. He later acknowledged that the crisis “turned out to be much broader than anything I could have imagined.”
Following his terms on the Fed, Greenspan started his own consulting firm in New York and authored two books.
Greenspan’s early career
Greenspan, born March 6, 1926, showed a love and expertise for mathematics from a young age. He studied economics at New York University, where he earned bachelor’s and master’s degrees before pursuing a doctorate at Columbia University.
While at Columbia, he studied under Arthur Burns, who would later become chairman of the Board of Governors.
After earning his degrees, Greenspan worked as chairman and president of Townsend-Greenspan & Co., Inc. and at a consulting firm in New York City.
From 1974 to 1977, under President Gerald Ford, Greenspan served as chairman of the President’s Council of Economic Advisers. Then, from 1981 to 1983, he served as chairman of the National Commission on Social Security Reform.
Other titles he held include membership on President Ronald Reagan’s Economic Policy Advisory Board and consulting for the Congressional Budget Office.
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