told CNBC<\/a> that Greenspan died from complications of Parkinson\u2019s disease. The couple, who married in 1997, had been together for nearly three decades.<\/p>\nGreenspan served as Fed chairman from 1987 to 2006 under four presidents \u2014 Ronald Reagan, George H.W. Bush, Bill Clinton and George W. Bush.<\/p>\n
Former Federal Reserve Chair Alan Greenspan died. AP<\/p>\n
During his tenure, he steered the US economy through a series of chaotic events including the 1987 stock market crash, the Asian financial crisis, the dot-com boom and bust and the aftermath of the Sept. 11 terrorist attacks.<\/p>\n
Greenspan\u2019s reputation never fully recovered from the 2008 financial crisis.<\/p>\n
Once hailed as \u201cthe Maestro\u201d for guiding the US economy through years of low inflation and booming markets, Greenspan became a symbol of the pre-crisis faith that Wall Street could largely police itself.<\/p>\n
Critics argued that his Fed kept interest rates too low after the 2001 recession, helping fuel the housing bubble.<\/p>\n
The harsher indictment focused on regulation.<\/p>\n
Alan Greenspan is sworn in to serve in Ronald Reagan\u2019s administration. ASSOCIATED PRESS<\/p>\n
The Financial Crisis Inquiry Commission later faulted the Fed for failing to use its authority to crack down on abusive mortgage lending before the subprime market exploded.<\/p>\n
Greenspan had also championed a light-touch approach to derivatives and financial innovation that critics said left the system vulnerable when markets turned.<\/p>\n
Alan Greenspan with Edward Meese III and Richard Allen. AP<\/p>\n
Called before Congress in October 2008, Greenspan acknowledged a major error in his thinking, saying he had found \u201ca flaw\u201d in the belief that financial institutions would adequately protect their shareholders through self-interest alone.<\/p>\n
He told lawmakers he was in a \u201cstate of shocked disbelief\u201d as the crisis unfolded, remarks that became the defining admission of his post-Fed career.<\/p>\n
Greenspan never fully accepted that Federal Reserve policy was chiefly responsible for the crash.<\/p>\n
Greenspan makes his way through the crowd at the start of the International Monetary and Finance Committee meeting at IMF Headquarters in Washington on Sept. 24, 2005. That day a deal to erase billions of dollars of crushing debt for poor countries gained critical momentum, with supporters predicting quick approval by the 184-nation World Bank and the International Monetary Fund. AP<\/p>\n
Greenspan\u2019s book \u2018The Age of Turbulence: Adventures in a New World.\u2019 ASSOCIATED PRESS<\/p>\n
In subsequent speeches and writings, he argued that a global flood of savings and falling long-term interest rates \u2014 not simply Fed rate decisions \u2014 had fueled housing booms around the world.<\/p>\n
He also maintained that the securitization of risky subprime mortgages played a more direct role in the meltdown than monetary policy.<\/p>\n
Known for his often-cryptic public remarks, Greenspan became a Wall Street celebrity during the 1990s economic expansion and earned the nickname \u201cthe Maestro.\u201d<\/p>\n
Barbara Walters with Alan Greenspan in 1977. They dated and were frequently seen at nightclubs. Getty Images<\/p>\n
Greenspan and NBC-TV reporter Andrea Mitchell announced their engagement on Dec. 30, 1996, and the couple later married on April 6 in what was considered the wedding of the year in the nation\u2019s capital. REUTERS<\/p>\n
His 1996 warning about \u201cirrational exuberance\u201d became one of the most famous phrases in modern economic history.<\/p>\n
In later years, Greenspan faced criticism from some economists who argued that policies pursued during his tenure helped lay the groundwork for the 2008 financial crisis.<\/p>\n
Greenspan speaks to The Economic Club of New York on April 28, 2014, in New York City. Getty Images<\/p>\n
\u201cAlan Greenspan was a brilliant and creative thinker, steadfast in character, and a wonderful human being who I\u2019ve known for more than 40 years,\u201d said JPMorgan CEO Jamie Dimon, calling him \u201can exemplary Chair of the Federal Reserve.\u201d<\/p>\n
Derek Reisfield, co-founder and former chairman of MarketWatch, told The Post that Greenspan \u201cwill go down in history as one of the better Fed Chairs.\u201d<\/p>\n
\u201cOverall the US economy did very well during his tenure.\u201d<\/p>\n
Greenspan speaks during a Bloomberg Television interview in Washington, D.C., on Wednesday, July 24, 2019. Bloomberg via Getty Images<\/p>\n
Reisfield pointed to Greenspan\u2019s response to the October 1987 stock market crash, which struck just weeks after he became Fed chairman.<\/p>\n
\u201cYou have to remember Greenspan took office two months before \u2018Black Monday,\u2019 October 19, 1987,\u201d Reisfield said.<\/p>\n
\u201cThe Dow Jones Index dropped over 22% in one day. It was the largest single daily drop in history. People were in shock, and were walking around like zombies on Wall Street,\u201d Reisfeld said. <\/p>\n
\u201cHe led the effort to cut interest rates and inject liquidity into the financial system. He also helped to ensure the markets remained open, which was a key factor in the quick recovery.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Alan Greenspan, the influential economist who led the Federal Reserve for nearly two decades and became one of…\n","protected":false},"author":2,"featured_media":274457,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[105603,288,18536,14168,9,24,55,54,56],"class_list":["post-274456","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-alan-greenspan","tag-business","tag-commerce-department","tag-federal-reserve","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/274456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=274456"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/274456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/274457"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=274456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=274456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=274456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}