Alan Greenspan, the former head of the Federal Reserve, has died at the age of 100. Greenspan served five terms as Fed chairman under four presidents, starting with Ronald Reagan, who nominated him in 1987. His term under George W. Bush expired in 2006.

Legacy

Greenspan’s legacy is complex, with some hailing him as a maestro for directing a booming economy, while others criticize him for his role in the housing bust and financial meltdown that occurred after he left office. During his time at the Fed, the US economy experienced one of the strongest peacetime economic expansions in its history.

Greenspan was known for his dense, difficult-to-understand prose, which often left investors struggling to decipher what he meant. However, he also made the Fed’s actions more transparent, issuing policy statements at the end of its rate-setting meetings.

Reaction

Fed Governor Christopher Waller said, ‘It’s a sad day for the Fed,’ and the Fed released a statement reflecting on Greenspan’s legacy. Greenspan’s wife, Andrea Mitchell, announced his death, saying, ‘He was a giant of a man who helped shape the U.S. economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes.’

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.