On 22/6, Andrea Mitchell, Greenspan's wife, announced that he had passed away that day due to complications from Parkinson's disease. Former President Ronald Reagan appointed him chairman of the Federal Reserve (Fed) in 1987, a position he held until his retirement in 2006. His tenure was the second longest in Fed history, just four months shorter than William McChesney Martin.

Greenspan was known for his vague statements, designed to prevent market volatility or reveal the Fed's policy direction. He only admitted this was a deliberate strategy after his retirement.

"I deliberately made the language difficult to understand, to avoid questions you know you can't answer. If you say 'I won't answer' or 'no comment', that itself is an answer", he stated in a 2007 CNBC interview. "So, when a congressman asked a question I didn't want to answer, I would say four or five sentences in an increasingly vague direction. The congressman would think I had answered and move on to the next question".

Former Fed chairman Alan Greenspan at a forum in Washington in 4/2015. Photo: Reuters

Greenspan was born in 1926 in New York City to a Jewish family. His father was a stockbroker and financial analyst. He learned to play the clarinet and saxophone, briefly attended the Juilliard School of Music, and performed in a jazz band before earning his bachelor's and master's degrees in economics from New York University. He completed his doctorate in 1977 at 51 years old.

Before joining the Fed, he served as chairman of the Council of Economic Advisers under former President Gerald Ford and chairman of the National Commission on Social Security Reform. Greenspan's initial term at the Fed began just before the 1987 financial crisis.

When Wall Street experienced "Black Monday" on 19/10/1987, the Dow Jones Industrial Average plummeted 508 points, or 22.6%, marking the steepest single-day decline in its history. The following day, Greenspan announced the Fed's readiness to "provide liquidity to support the economic and financial system". The Fed also lowered short-term interest rates to encourage banks to continue lending.

This strategy helped stabilize market sentiment, averting a recession and banking crisis. In just two days, the Dow Jones recovered more than half the points lost during "Black Monday".

During his tenure, he guided the Fed through two recessions, the 1997 Asian financial crisis, Russia's 1998 default, the bailout of Long-Term Capital Management, the 11/9/2001 terrorist attacks, and the dot-com bubble of the late 90s.

Greenspan often prioritized fighting inflation over promoting full employment. Supporters credit him with overseeing the longest period of economic growth in US history. However, critics argue that his low interest rate policies laid the groundwork for the housing bubble, leading to the 2007-2009 crisis.

After leaving the Fed, he founded the consulting firm Greenspan Associates, wrote a memoir, and continued to comment on economic policy. He praised former Presidents Ford and Bill Clinton, but criticized former President George W. Bush for excessive public spending and opposed President Donald Trump's actions pressuring the Fed during his first term. In 2026, Greenspan, along with several other former Fed and US Treasury Department officials, also signed a statement opposing a criminal investigation into former Fed chairman Jerome Powell.

Ha Thu (according to CNBC)