Former Fed Chair Alan Greenspan dies at 100

Alan Greenspan, the former long-serving head of the U.S. Federal Reserve, has died at the age of 100. The central bank announced his passing with "deep sorrow." Greenspan enjoyed cult status among many during his tenure, symbolizing American capitalism. He led the powerful Fed from 1987 to 2006, a period marked by sustained prosperity and significant global events, including the end of the Cold War, the 9/11 attacks, and the dawn of the digital age.

Many credit Greenspan for keeping inflation low and for his economic policies that helped steer the U.S. through the aftermath of the September 11th attacks. The New York Times noted his tendency to keep interest rates lower than traditional economic models suggested, an approach that appeared successful for much of his time, particularly in the late 1990s. He navigated the Fed through presidencies of both Democrats and Republicans, with the Times calling him a master of political maneuvering, drawing on experience from advising Richard Nixon's 1968 presidential campaign.

The Fed itself highlighted Greenspan's rigorous analytical discipline in monetary policy decisions, stating it significantly strengthened the institution's credibility. This stands in contrast to current headlines where President Donald Trump pressures the Fed to lower interest rates, a pressure the bank has so far resisted, maintaining its independence.

However, Greenspan's legacy is not without criticism. His name is inextricably linked to the 2008 financial crisis. Critics argue that his policies of low interest rates and deregulation of the financial sector laid the groundwork for the subsequent crash.

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The Federal Reserve takes notice of the death of Alan Greenspan with deep sorrow.