New York Times CompanyNYT
Mentioned
Impact on stocks 1
Communication Services
New York Times CompanyNew York Times CompanyAlan Greenspan, the former Federal Reserve chairman who presided over a historic US economic expansion and later faced criticism for policies that some say contributed to the 2008 financial crisis, has died at age 100. He died on Monday at his home in Washington from complications of Parkinson's disease, according to a statement by his wife, Andrea Mitchell. Greenspan led the Fed from 1987 to 2006, a period marked by a stock market boom, low unemployment, and a 10-year stretch of growth between 1991 and 2001 during which the S&P 500 nearly quadrupled and the economy grew at an average annual pace of 3.5%. His tenure was later scrutinized after the subprime mortgage meltdown and the collapse of Lehman Brothers, with critics arguing his hands-off regulatory approach and failure to curb the housing bubble laid the groundwork for the worst economic crisis since the Great Depression. In 2008 congressional testimony, Greenspan acknowledged that his free-market ideology may have been flawed, saying those who relied on self-interest of lending institutions were in a state of shocked disbelief.
New York Times Company