Architect of modern monetary policy
Alan Greenspan, who led the Federal Reserve for almost 19 years under four presidents, died Monday at his Washington home at age 100 from complications of Parkinson's disease, his wife Andrea Mitchell announced. Greenspan served five terms as chairman after being appointed by presidents Gerald Ford, Ronald Reagan, George H.W. Bush and George W. Bush. Two months into his tenure, the Dow plunged 22% on Black Monday in October 1987. The next day, Greenspan announced the Fed stood ready to serve as a source of liquidity, helping the market recover quickly.
Rock-star status and reassessment
Greenspan was accorded rock-star status in the financial world for presiding over a long period of economic stability and a 10-year boom beginning in March 1991. He navigated the dot-com bubble, the 1997 Asian financial crisis and the post-9/11 recession. After his retirement in 2006, his reputation was reassessed more harshly in light of the 2008 global credit crisis. Greenspan said he was in a state of shocked disbelief at the breakdown of credit markets, which he called a once-in-a-century credit tsunami.
Legacy and tributes
Tributes poured in from across the financial world. Current Fed Chairman Kevin Warsh praised Greenspan's service, calling him a giant of American economic policy. Mitchell, an NBC News correspondent and Greenspan's wife of 29 years, said in a statement: "To me he was my husband, who shaped my life from our very first date in 1984."