Alan Greenspan, the former chairman of the U.S. Federal Reserve, has died at the age of 100. Greenspan served as Fed chairman from 1987 to 2006, a tenure of nearly 19 years spanning four U.S. presidents. He was widely recognized as a 'crisis helmsman' for his decisive leadership during major financial upheavals, including the 1987 stock market crash, the Asian financial crisis, and the aftermath of the 9/11 attacks.
Greenspan is best known for the concept of the 'Greenspan Put'—the market's expectation that the Fed would step in to rescue the economy during times of acute stress. This belief helped fuel the long bull market of the 1990s. His market-friendly, low-intervention monetary policy philosophy significantly influenced the decade-long economic expansion. However, his laissez-faire approach to financial regulation and failure to address asset bubbles drew sharp criticism after the 2008 global financial crisis, with many blaming his policies for contributing to the subprime mortgage meltdown.
Greenspan's death marks the end of an era for the Federal Reserve. The policies and ideas he championed continue to spark debate among economists and policymakers, making his legacy a central chapter in the study of modern central banking.