Alan Greenspan, the former chairman of the US Federal Reserve, has\ndied at the age of 100. The news was confirmed by his wife of 29 years,\nAndrea Mitchell, who stated he passed away due to complications from\nParkinson\u2019s disease. Mitchell is the chief foreign affairs correspondent\nfor NBC News.<\/p>\n
Greenspan began his tenure as Fed chairman in 1987 after being\nappointed by President Ronald Reagan. He held the position through\nperiods of economic turmoil and prosperity until his retirement in 2006.\nHis term was the second-longest in the institution\u2019s history, falling\njust four months short of the record held by William McChesney Martin,\nwho led the Fed from 1951 to 1970.<\/p>\n
Greenspan is particularly remembered for coining the phrase\n\u2018irrational exuberance\u2019 during a televised speech on 5 December 1996, a\nwarning that briefly roiled global markets. He questioned how one could\nknow when irrational exuberance had unduly escalated asset values,\nsubjecting them to unexpected and prolonged contractions, as had\noccurred in Japan. The Tokyo stock market plunged 3% following his\nremarks, though markets quickly recovered and continued to rise until\nthe dot-com crash in 2001.<\/p>\n
Born to Jewish parents on 6 March 1926 in New York, Greenspan earned\nhis bachelor\u2019s and master\u2019s degrees in economics before completing his\nPh.D.\u00a0in 1977 at the age of 51.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/former-fed-chief-alan-greenspan-dies-at-100-1782132769", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }