Alan Greenspan obituary
Summary
Alan Greenspan, who led the US Federal Reserve from 1987 to 2006, died at age 100. He was praised for managing the economy through crises and a long boom but was later criticized for policies linked to the 2008 financial crash.Key Facts
- Greenspan chaired the US Federal Reserve for nearly 20 years, serving under four presidents.
- He helped prevent economic disasters after the 1987 stock market crash and the 1997 Asian financial crisis.
- His leadership saw one of the longest US economic booms from 1991 to 2001.
- Greenspan's approach favored less government control of banks, trusting them to police themselves.
- This approach was later blamed for contributing to the 2008 financial crash.
- He admitted in 2008 that his belief in self-regulation by banks was flawed.
- Greenspan was influenced by philosopher Ayn Rand and her ideas about capitalism and limited government.
- A 2010 congressional report found that his policies helped remove important financial protections, leading to economic risks.
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