Alan Greenspan Dies at 100; Led Fed During Boom Before 2008 Bust

Alan Greenspan was chairman of the US Federal Reserve (the central bank that sets interest rates) from 1987 to 2006, serving under four presidents. He was celebrated as a master economic manager during the long 1990s boom and the dot-com era, but his legacy was shattered by the 2008 financial crisis. Critics argue his policies — keeping interest rates very low for years and refusing to regulate newfangled mortgage derivatives — fueled the housing bubble whose collapse caused the Great Recession. The "Greenspan put" refers to the belief that he would always rescue markets, encouraging excessive risk-taking. His death at 100 reopens a debate about central bankers' role in inflating and popping bubbles.