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Alan Greenspan, chair of Federal Reserve under 4 U.S. presidents, dies at age 100
CBS News • • general
Key Points:
- Alan Greenspan, former Federal Reserve chairman under four U.S. presidents, died at age 100 due to complications from Parkinson's Disease, his wife Andrea Mitchell announced.
- Greenspan served as Fed chair for 18 years, overseeing the Great Moderation period marked by economic stability, but his tenure included crises like the 1987 stock market crash and the dot-com bubble.
- He coined the term "irrational exuberance" in 1996 to describe speculative bubbles, and his policies have been criticized for contributing to the 2008 financial crisis, though he defended his record.
- Greenspan later acknowledged errors in underestimating financial risks and human behavior's impact on economics, emphasizing the inevitability of market euphoria and fear.
- Known for cryptic economic commentary, Greenspan pushed for greater transparency in Fed communications and served as an influential economic adviser before retiring in 2006.
