For his work chairing the US Federal Reserve, Alan Greenspan, who has died aged 100, was regularly hailed by financiers, politicians and journalists for his handling of the economy. He was variously dubbed the Oracle, the Wizard and the Maestro.
As head of the central bank of the US from 1987 to 2006, tasked with setting interest rates and supervising and regulating banks and other financial institutions, he easily ranked as one of the most powerful individuals in the world. He served under four presidents: Ronald Reagan, George HW Bush, Bill Clinton – even though Greenspan was a lifelong Republican – and George W Bush.
His reputation rested on a series of smart interventions that included averting a global economic meltdown after the 1987 Black Monday stock market crash and again in the 1997 Asian financial crisis, and restoring confidence in the wake of the 2001 attacks on New York and Washington. His biggest triumph was to preside over one of the longest economic booms in US history, between 1991 and 2001.
“By the dawn of the new millennium, it was nearly impossible to find anyone in America who was not gaga over Greenspan. Democrats and Republicans, Wall Street and Main Street, dogs and cats – all were high on the Fed chairman,” the economic journalist Justin Martin wrote in Greenspan: The Man Behind Money (2000).