Federal Reserve (FED) · Bangkok Post
Alan Greenspan, longtime Fed chief with a divided legacy, dies
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WASHINGTON — Alan Greenspan, the longtime United States Federal Reserve (Fed) chief who presided over an unprecedented period of American economic expansion but was later faulted for failing to rein in markets ahead of the 2008 global financial crisis, has died.
Key facts
- WASHINGTON — Alan Greenspan, the longtime United States Federal Reserve (Fed) chief who presided over an unprecedented period of American economic expansion but was later faulted for failing to rein in markets ahead of the 2008 global
- Greenspan -- who died Monday at age 100 -- guided the world's biggest economy through a stock market crash in 1987 as he first took up his post, the Mexican and Asian financial crises, the dotcom boom and bust, and the attacks on Sept 11,
- Greenspan earned US$62 a week -- more than his mother was making in her job at a department store, according to biographer Sebastian Mallaby, who wrote "
- in October 1987, the benchmark Dow Jones Industrial Average collapsed by nearly 23% -- still the biggest single-day percentage drop in the index's history -- as part of a global market crash.
- And after the world sank into crisis in 2008, soon after his retirement in 2006, his decision not to do anything to rein in the mortgage markets was viewed as naive.
- It was a position he would hold until January 2006 serving under four presidents -- Reagan, George H.W
Summary
Greenspan -- who died Monday at age 100 -- guided the world's biggest economy through a stock market crash in 1987 as he first took up his post, the Mexican and Asian financial crises, the dotcom boom and bust, and the attacks on Sept 11, 2001.
A native New Yorker who excelled at math as a child but initially studied music before pivoting to economics, Greenspan spent decades in the inner circles of power in Washington, ultimately leading the Fed for presidents of both political parties.