Alan Greenspan, Fed's 'Oracle,' dies at 100

Alan Greenspan, the influential former chairman of the U.S. Federal Reserve, has died at the age of 100. Dubbed the "Oracle" and "Maestro" for his long tenure and perceived financial genius, Greenspan presided over the Fed for 19 years, from 1987 to 2006. His leadership shaped American monetary policy during a period of significant economic change, and he was known for his ability to inspire confidence in financial markets.

Greenspan's reputation, however, was later complicated by the 2008 financial crisis, which occurred after his departure from the Fed. His characteristic speaking style, often described as intentionally ambiguous, led to the famous quip: "If I seem particularly clear to you, you have probably misunderstood what I said." This enigmatic approach often sent ripples through financial markets, notably his 1996 comment on "irrational exuberance" amid the dot-com bubble.

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If I seem particularly clear to you, you have probably misunderstood what I said.

Born in New York in 1926, Greenspan showed an early aptitude for mathematics and also pursued music, playing jazz clarinet. His intellectual development was significantly shaped by libertarian novelist-philosopher Ayn Rand and her philosophy of "objectivism." After a brief marriage to painter Joan Mitchell, he later married NBC journalist Andrea Mitchell in 1997.

Greenspan's entry into public service began with Richard Nixon's presidential campaign. He later served as chairman of the Council of Economic Advisers in 1974. Appointed Fed chairman by Ronald Reagan, Greenspan's tenure immediately faced a major test with the "Black Monday" stock market crash of October 19, 1987. His decisive action, injecting massive liquidity into the banking system, is credited with helping to stabilize markets.

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irrational exuberance