The legendary chairman of the Federal Reserve, Alan Greenspan, has passed away at the age of 100.

Alan Greenspan's wife issued a statement confirming that the former Federal Reserve chairman passed away on Monday, June 22, local time, at the age of 100. Greenspan's wife, Andrea Mitchell, wrote, Alan passed away this morning at home, at the age of 100, due to complications from Parkinson's disease. He was a great figure who helped shape the American economy for decades under several presidents from both parties, always candidly admitting his mistakes. From our first date in 1984, he changed my life. He had a 'rational exuberance' for baseball, the Washington Commanders, tennis, golf, and music - especially jazz. He will be remembered for his wisdom and kindness. Being his lifelong partner was the greatest joy of my life. Having served as the chairman of the Federal Reserve under four American presidents (Reagan, Bush Sr., Clinton, Bush Jr.) for five consecutive terms, Greenspan was one of the most influential economists in the United States, leading the country's monetary policy for nearly 19 years. As the former chairman of the Federal Reserve, Greenspan was known for his deep financial insight and enigmatic "Fedspeak," with his classic phrases deeply influencing the global economy and market psychology. "If I seem unduly clear to you, you must have misunderstood what I said." This is one of Greenspan's most representative quotes. As a central banker, he was adept at using vague language to guide market expectations and avoid sharp market fluctuations caused by overly clear statements. "Bubbles are only known to be bubbles after they burst." This quote is often cited by economists and researchers of asset bubbles, reflecting Greenspan's agnosticism towards identifying market speculation bubbles and the natural difficulties central banks face when intervening in market asset prices. "The Greenspan Put" - Greenspan himself explained the intervention logic of the Federal Reserve during financial crises: "A sharp market decline could hinder economic growth, so taking preventive actions such as rate cuts during crisis moments is necessary." Greenspan's financial career Greenspan was born on March 6, 1926 in the Washington Heights community of New York City, showing mathematical talent from a young age. In his youth, he studied at the Juilliard School of Music and played jazz saxophone and clarinet in bands. He then entered New York University to study economics, received his bachelor's degree in 1948, his master's degree in 1950, and pursued a Ph.D. at Columbia University under Arthur F. Burns, who later became chairman of the Federal Reserve. After leaving Columbia University in 1953, Greenspan joined an economic consulting firm, becoming the president and principal shareholder of Townsend-Greenspan Co. In 1967, he first entered politics, serving as an economic advisor to Nixon's campaign. After Nixon resigned in 1974, Greenspan entered the Ford administration, becoming chairman of the President's Economic Advisers, helping the U.S. reduce inflation from 11% to 6.5%. In 1987, President Reagan appointed Greenspan to succeed Paul Volcker as chairman of the Federal Reserve. Just two months later, on October 19, 1987, "Black Monday" erupted, with the Dow Jones index plunging more than 22% in a single day. During Greenspan's tenure at the Federal Reserve, the U.S. experienced a long economic expansion from 1991 to 2001, accelerated globalization, and the rapid rise of the internet. He also led the Federal Reserve in responding to the bursting of the internet bubble and the economic impact after the 9/11 attacks. During the Clinton administration, the U.S. stock market set new highs repeatedly, and Greenspan also became a public figure. The Economist magazine dubbed him the "rock star," while supporters called him "The Maestro." On January 31, 2006, Greenspan retired, becoming the second-longest-serving chairman of the Federal Reserve in history, second only to William McChesney Martin, who served from 1951 to 1970. Criticism after the financial crisis After the financial crisis of 2007-2008, Greenspan's regulatory policies came under scrutiny. Although Greenspan had warned of "irrational exuberance" as early as 1996, critics believed he failed to identify the real estate bubble in the early 2000s and had long been advocating for loosening regulations in the financial industry, creating conditions for the collapse of the financial system. When testifying before the U.S. Congress in October 2008, Greenspan described the financial crisis as a "once-in-a-century credit tsunami." He said, "The magnitude of this crisis far exceeded my imagination." Greenspan was a lifelong Republican, but he also had a close relationship with Democratic President Clinton. He even joked, "Clinton is the best Republican president we've had in a long time." This article is reprinted from "Cailianshe," Author: Zhao Hao; GMTEight Editor: Feng Qiuyi.