Alan Greenspan, the economist who led the Federal Reserve for nearly two decades under four different presidents, passed away Monday at the age of 100 from complications of Parkinson's disease.
Greenspan took the helm at the Fed in 1987, just in time for Black Monday, and quickly established a pattern of intervening to support markets during downturns — an approach that would later be dubbed the "Greenspan put."
Greenspan steered policy through the 1990s expansion, the dot-com bubble, and the period following 9/11, earning praise from many quarters for low inflation and steady growth during what became known as the Great Moderation.
More from NBC News:
Greenspan helped define modern American capitalism from the final years of the Cold War-era through the dawn of the digital age. He presided over the Fed during one of the longest economic expansions in U.S. history, a boom stretching from 1991 to 2001. But he was also faulted for decisions that critics say created the conditions for the global financial crisis of 2007-08, such as advocating for deregulation of the financial sector.
Greenspan was an Ayn Rand guy. In the early 1950s, he fell in with the Atlas Shrugged author and embraced key elements of her Objectivist philosophy — self-interest, laissez-faire capitalism, and limited government. The two remained close until Rand's death in 1982, Greenspan even writing about her in his memoir.
Greenspan served in the Ford administration and was later appointed as head of the Fed by President Reagan. Over time, the former advocate of sound money and limited government intervention became the face of an increasingly activist central bank that expanded its role in managing economic cycles and asset prices.
In retirement, Greenspan authored books and continued consulting on monetary policy.
Here's Greenspan's wife, NBC News correspondent Andrea Mitchell:
'Alan passed away at our home this morning at the age of 100 from complications of Parkinson's disease,' Mitchell said in a statement. 'He was a giant of a man who helped shape the U.S. economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes,' she said.
'To me he was my husband, who shaped my life from our very first date in 1984. He had "irrational exuberance" for baseball, the Washington Commanders, tennis, golf, and music, especially jazz,' Mitchell added. 'He will be remembered for his brilliance and his kindness. Being his life partner was the joy of my life.'
Rest in peace, Mr. Greenspan.
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