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Greenspan Dies at 100
Alan Greenspan, the longtime chairman of the Federal Reserve who served under four U.S. presidents, died Monday at his home at age 100 from complications of Parkinson’s disease, his wife Andrea Mitchell said.
“Former US Fed chairman Alan Greenspan dies at 100 Alan Greenspan, the central banker who spent nearly 19 years as chairman of the US Federal Reserve, died Monday from complications of Parkinson's disease, according to local media reports”
Mitchell said in a statement reported by NBC News that "Alan passed away at our home this morning at the age of 100 from complications of Parkinson’s disease," and the Fed said his "contributions to monetary policy and economic thought left a lasting mark" on the institution.
CBS News described Greenspan as chair under four U.S. presidents and noted that his reign coincided with the so-called Great Moderation, a period of stability from the mid-1980s until 2007 marked by low inflation, stock market gains and strong economic growth.
The AP said Greenspan was celebrated for engineering a decade of prosperity but later shared the blame for a devastating financial crisis, and it placed his death at 100 from complications of Parkinson’s disease.
NPR said Greenspan died Monday at his home in Washington, and it described him as a central-bank celebrity whose reputation was tarnished by the global financial crisis that struck a decade later.
Legacy Split by Crisis
Multiple outlets tied Greenspan’s legacy to the 2008 global financial crisis and the Great Recession, with CBS News noting that critics linked his "loose money" policies to the subprime housing crisis.
The Los Angeles Times said Greenspan’s faith that markets policed themselves drew blame for the 2008 financial meltdown and left a "complicated legacy" shaping debates over regulation, inequality and central-bank power.
In a 1996 remark highlighted by CNBC, Greenspan asked, "How do we know when irrational exuberance has unduly escalated asset values," and CNBC said the comment sent the Tokyo stock market down 3% before markets recovered.
NPR described Greenspan’s later acknowledgment that he would deliberately garble his syntax to avoid moving financial markets, and it said he later admitted he was wrong after the crisis.
The Hill reported that Greenspan served as the 13th chair of the central bank from 1987 to 2006, spanning four presidents including Ronald Reagan, George H.W. Bush, Bill Clinton and George W. Bush.
What Comes After
As Greenspan’s death was announced, outlets also emphasized how his tenure reshaped Federal Reserve communications and how later chairs built on that approach.
“Former Federal Reserve Chairman Alan Greenspan dies at 100 Alan Greenspan, the jazz-playing U”
AP said the Fed extended condolences and described how Greenspan helped cement trust in the Fed, while it noted that he was the first chair to issue a statement explaining the Fed’s interest-rate decisions.
NPR said Greenspan became known for Fedspeak and described a deliberate strategy to avoid saying anything that might move financial markets, while it also highlighted his 1996 warning about "irrational exuberance."
The Hill said Greenspan’s public comments were often deliberately confusing and quoted his 2007 description of "a language of purposeful obfuscation to avoid certain questions coming up," and it placed his retirement in 2006 with Ben Bernanke succeeding him.
In the wake of his passing, CNBC quoted Ben Bernanke praising Greenspan as "a great central banker who helped lead his country through almost two decades of prosperity," and it said the Fed noted Greenspan’s passing "with deep sadness."
