Alan Greenspan Has Died
Alan Greenspan, the former Federal Reserve chairman who served from 1987 to 2006 and shaped U.S. monetary policy for nearly two decades, has died. Known for his management of the economy through periods of growth and crisis, Greenspan's legacy includes both praise for his stewardship and criticism for policies some blame for the 2008 financial crisis.
Background
Alan Greenspan, chairman of the US Federal Reserve from 1987 to 2006, has died. The Fed sets US interest rates and influences the global financial system. Greenspan presided over a period of low inflation and steady growth known as the "Great Moderation," earning a reputation as a master economist — but his legacy is deeply contested. Critics argue his low-interest-rate policies fueled the housing bubble that triggered the 2008 global financial crisis. He was also a prominent follower of Ayn Rand's libertarian philosophy, which shaped his belief in deregulation. For decades he was treated as an oracle by markets; today he is remembered as a figure who, despite his stature, missed or enabled the seeds of the worst economic collapse since the Great Depression.