Alan Greenspan, Architect of Modern American Economy, Dies at 100

Alan Greenspan, the influential former chairman of the US Federal Reserve, has died at the age of 100. His wife, Mitchell, an NBC News correspondent, announced his passing, stating that Greenspan was "a giant of a man who helped shape the US economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes."

Greenspan served as the head of the Federal Reserve from 1987 to 2006, a period described as the second most important post after the presidency. During his nearly two-decade tenure, he presided over the longest sustained economic growth in the US in a generation. He was known for his cautious public statements, with a sign in his office famously reading, "the buck starts here."

However, Greenspan's legacy is also marked by controversy. Critics argue that his policies, particularly an over-reliance on easy credit, contributed to the dot-com bubble of the late 1990s and the sub-prime mortgage crisis of 2008. His handling of the 1987 stock market crash and subsequent financial crises, often through facilitating cheap credit, became a recurring approach dubbed "quantitative easing."

Born in New York City in 1926, Greenspan developed an early interest in economics and the free market. His career included roles as an economic consultant and a member of the board at JP Morgan. He advised President Richard Nixon and later headed the Council of Economic Advisers before President Ronald Reagan appointed him to lead the Federal Reserve in 1987.

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a giant of a man who helped shape the US economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes