Alan Greenspan, economist, former Federal Reserve chairman, dies at 100

Former chairman of the board of governors of the Federal Reserve System, Alan Greenspan, died on Monday at the age of 100. 

Greenspan’s wife Andrea Mitchell, NBC News chief Washington correspondent and chief foreign affairs correspondent, released a statement saying he died at his home from complications of Parkinson’s Disease. 

What they're saying:

"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 in the statement. "To me he was my husband, who shaped my life from our very first date in 1984."

Nominated to serve as Federal reserve chairman in 1987 by President Ronald Reagan, Greenspan oversaw the second-longest economic expansion in U.S. history. He became known for ushering an era of sustained American growth and prosperity from 1991 to 2001. 

5-term chair of the Fed

The backstory:

Born in New York City on March 6, 1926, Greenspan received his bachelor’s, master’s and doctoral degrees in economics. 

He attended New York University and Columbia University to earn all of his degrees. 

Greenspan’s first job was for a non-profit that analyzed the demand for steel, aluminum and copper, according to Investopedia. 

He went on to open his own economic consulting firm from 1954 to 1987. 

In 1987, Greenspan became the 13th chair of the Federal Reserve after serving as the chair of the President’s Council of Economic Advisers in 1974 under President Gerald Ford. 

Black Monday 

Dig deeper:

During his time as chairman, a global financial crisis known as "Black Monday" took place on Oct. 19, 1987. It was a global financial crisis that unfolded when the Dow average dropped to 22.6%, according to the Federal Reserve History website. 

The loss remains one of the largest one-day stock market declines in U.S. history and it was also the sharpest market downturn in the U.S. since the Great Depression. 

Greenspan encouraged banks to continue giving out loans, which turned out to be a good strategy for preserving the system as a whole. 

And unlike most market crashes, a recession did not follow Black Monday. Stock markets recovered from its losses on Black Monday in just two trading sessions. 

He also led the Federal Reserve through several events with major economic repercussions, including two US recessions, the Asian financial crisis of 1997, and the terrorist attacks on Sept. 11, 2001.

Greenspan would continue to hold roles in the public service sector such as being part of the President’s Foreign Intelligence Advisory Board, the Commission on Financial Structure and Regulation, and also went on to write a memoir, "The Age of Turbulence."