Alan Greenspan Passes Away At 100

• Greenspan led the Fed for over 18 years, between 1987 and 2006, serving under four different administrations.
• Born in 1926, he studied economics at New York University, earning a master's degree in 1950.
• Greenspan subsequently worked on his doctorate under Arthur F. Burns, an economist who would go on to become the Fed Chair in 1970.

Former Federal Reserve Chair Alan Greenspan passed away on Monday due to health complications.

According to a NBC News report, Greenspan’s wife, Andrea Mitchell, said that the former Fed Chair passed away due to complications of Parkinson’s Disease.

Greenspan was 100 and is survived by his wife of 29 years. He led the Fed for over 18 years, between 1987 and 2006.

Greenspan Had ‘Irrational Exuberance’ Too, Says Mitchell

Greenspan, whose "irrational exuberance" warning became one of the most famous phrases in modern financial history, was remembered by his wife as bringing that same enthusiasm to sports, music, and life.

“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, according to the report.

Greenspan had delivered a televised speech on Dec. 5, 1996, talking about the challenges of framing monetary policy while saying that asset values had escalated.

“How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?” he said.

The Tokyo stock market, which was open during this speech, slid 3% and other Asian markets followed.

Greenspan Served Under 4 Presidents

Greenspan served as Fed chair under four presidents. He was appointed by Ronald Reagan in 1987 and remained in the role through the administrations of George H. W. Bush, Bill Clinton, and George W. Bush.

Greenspan succeeded Paul Volcker, while his successor was Ben Bernanke.

Born in 1926, Greenspan studied economics at New York University, earning a master's degree in 1950. He subsequently worked on his doctorate under Arthur F. Burns, an economist who would go on to become the Fed Chair in 1970.

During his nearly two decades at the Fed, Greenspan became one of the most influential central bankers in modern history, overseeing periods of economic expansion, the dot-com boom, and the years leading up to the housing bubble.

Known for his often cryptic public remarks and the close scrutiny he faced from Wall Street, Greenspan became synonymous with an era of relatively low inflation and steady economic growth that was later dubbed the "Great Moderation."

Meanwhile, U.S. equities were mixed in Monday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, edged up by 0.01%; the Invesco QQQ Trust ETF (QQQ) declined 0.08%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.1%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bullish’ territory.

The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.43% at the time of writing, while the iShares 7-10 Year Treasury Bond ETF (IEF) fell 0.25%.

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