Alan Greenspan, a noted economist and former head of the US Federal Reserve died at age 100, due to complications from Parkinson's Disease according to reports on Monday.
Greenspan was noted for heading the Federal Reserve from Aug. 11, 1987, to Jan. 31, 2006 being reappointed multiple times by various US Presidents. His tenure oversaw the end of the cold war, the dot com boom and the proliferation of globalisation. Greenspan's turn as Fed Chair ended in 2006, two years shy of the 2008 sub-prime mortgage crisis which lead to a global recession.
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Critics held him partly responsible for the crisis citing his stance on the deregulation of the financial sector, as per reports.
Greenspan is survived by his wife of 29 years Andrea Mitchell, who is also the chief Washington correspondent and chief foreign affairs correspondent for NBC News.
“Alan passed away at our home this morning at the age of 100 from complications of Parkinson's Disease,” Mitchell said in a statement cited by NBC.
“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,” she 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.”'
Alan Greenspan was first appointed as Chairman of the Federal Reserve in 1987 during Ronald Reagan's second term as president.
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He was most well known for the 'Greenspan Put', a term that was coined when he implemented measures to support the stock market when the Dow Jones Industrial Average fell over 22% on Oct. 19, 1987, which was its largest one day percentage fall of all time.
The 'Greenspan Put' was the term used for similar moves by the Fed when attempting to manage stock market instabiity.
The economist was widely referred to as 'the maestro' when stocks climbed to record levels during the Bill Clinton administration.
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