Special Report: Alan Greenspan Dies at 100

Summary

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Special Report: Alan Greenspan Dies at 100

Podcast: Big Take (Bloomberg and iHeartPodcasts)
Date: June 22, 2026

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Episode Overview

This special report from Bloomberg’s “Big Take” podcast marks the passing of Alan Greenspan, former Federal Reserve Chairman, at age 100. Through narration and archival audio, the episode reflects on Greenspan’s life, formative influences, epic tenure at the Fed, and his controversial legacy in shaping modern economic policy. Reporters Karen Moscow and John Tucker provide insight into Greenspan’s unique background, his rise to power, seminal moments in his Fed chairmanship—including his famed market pronouncements and the financial crisis after his era—and his late-life commentary. The segment aims to frame Greenspan’s impact on both Wall Street and Main Street, as well as the debate over his economic philosophies.

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Key Discussion Points and Insights

1. Greenspan’s Early Life & Education

• [01:40] John Tucker details Greenspan’s childhood in New York, his early passion for music and subsequent career pivot:
  • Studied clarinet at Juilliard and toured with Henry Jerome Orchestra.
  • Discovered an interest in finance, leading him to study economics at NYU.
• Notable relationship: Met Ayn Rand in the 1950s, absorbing her free-market ideals. Rand dubbed him “the Undertaker.”

2. Entry into Public Service

• [01:40] Greenspan began his public career in the late 1960s, serving as Chairman of the Council of Economic Advisers under President Ford.
• [01:40] Appointment to the Fed: Selected by President Ronald Reagan in 1987 to chair the Federal Reserve.

“He’d go on to serve an unprecedented five terms. Greenspan cultivated a wizard-like aura with markets, holding their collective breath ahead of his often cryptic comments.”
— John Tucker [02:28]

3. Central Banking and Market Influence

• Greenspan’s commentary became gospel for market-watchers. His often ambiguous language was scrutinized for hints at policy changes.
• “Irrational Exuberance” Incident: A single phrase, interpreted as a caution on market froth, caused worldwide stock turbulence.

“His mention of an irrational exuberance in the markets briefly sent stocks tumbling around the world.”
— John Tucker [02:28]

4. The Financial Crisis and Criticism

• [02:59] The financial crisis emerged less than two years after Greenspan left office.
• He was not spared from criticism, facing questioning by Phil Angelides, Chair of the Financial Crisis Inquiry Commission.

Phil Angelides: “My view is you could have, you should have, and you didn’t.”
— [03:01]

• Greenspan responded by defending the unpredictability of such events:

“The issue of retrospective and figuring out what you should have done differently is a really futile activity because you can’t, in fact, in the real world, do it. I was right 70% of the time, but I was wrong 30% of the time.”
— Alan Greenspan [03:04]

• He later insisted in a Bloomberg interview that the crisis was unforeseeable by anyone:

“Everybody missed it. Academia, the Federal Reserve, all regulators.”
— Alan Greenspan [03:25]

5. Late Life Perspective and the COVID-19 Pandemic

• Even in retirement, Greenspan continued to weigh in on economic shocks, including COVID-19.

“The virus is creating a major element of uncertainty. And so we have to deal with it. Forecasting it is very precarious.”
— Alan Greenspan [03:37]

6. Personal Legacy and Final Reflections

• John Tucker closes with a reflection on Greenspan’s love for diagnosing the “patient” — the economy.

“The thing he loved most was as Dr. Greenspan, to diagnose the patient, which was the economy.”
— John Tucker [03:49]

• [03:59] Karen Moscow confirms Greenspan’s passing at 100 due to complications from Parkinson’s disease.

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Notable Quotes & Memorable Moments

• “He’d go on to serve an unprecedented five terms. Greenspan cultivated a wizard-like aura with markets, holding their collective breath ahead of his often cryptic comments.” — John Tucker [02:28]
• “His mention of an irrational exuberance in the markets briefly sent stocks tumbling around the world.” — John Tucker [02:28]
• “My view is you could have, you should have, and you didn’t.” — Phil Angelides [03:01]
• “The issue of retrospective and figuring out what you should have done differently is a really futile activity... I was right 70% of the time, but I was wrong 30% of the time.” — Alan Greenspan [03:04]
• “Everybody missed it. Academia, the Federal Reserve, all regulators.” — Alan Greenspan [03:25]
• “The virus is creating a major element of uncertainty. And so we have to deal with it. Forecasting it is very precarious.” — Alan Greenspan [03:37]
• “The thing he loved most was as Dr. Greenspan, to diagnose the patient, which was the economy.” — John Tucker [03:49]

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Important Timestamps

• 01:21 — Special report introduction and Greenspan’s passing announced
• 01:40 — Greenspan’s early life, education, and Ayn Rand connection
• 02:25 — Appointment to the Fed, cultivation of his reputation
• 02:28 — “Irrational exuberance” and global market impact
• 02:59 — Post-Fed criticism over the financial crisis
• 03:04 — Greenspan’s self-assessment and defense
• 03:25 — On the unpredictability of the crisis
• 03:37 — Reflections during the pandemic
• 03:49 — Final reflections on his legacy and approach to economics
• 03:59 — Confirmation of Greenspan’s death and cause

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This episode provides a concise but illuminating look at one of the most consequential—and debated—central bankers of the modern era, capturing both his influence and the controversies that defined his legacy.

Transcript

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[Karen Moscow]

IBM News when you want it With Bloomberg News now, I'm Karen Moscow. We bring you this special report with NBC reporting. Former Federal Reserve Chairman Alan Greenspan has died at the age of 100. We take a look at his life and legacy with Bloomberg's John Tucker.

[John Tucker]

Greenspan was born in New York in 1926. He studied clarinet at New York's Juilliard School and went on the road with the Henry Jerome Orchestra between gigs. He started reading books on stocks and eventually quit the band to study business and economics at NYU. He met libertarian icon Ayn Rand in the early 50s and joined her inner circle. She nicknamed him the Undertaker and he soaked up her notions about free markets. Greenspan first entered the political scene in the late 1960s. He was sworn in as chairman of the Council of Economic Advisers under President ford, and in 1987, Ronald Reagan appointed Greenspan to head up the Federal Reserve.

[Alan Greenspan]

It's my pleasure to welcome Alan Greenspan.

[John Tucker]

He'd go on to serve an unprecedented five terms. Greenspan cultivated a wizard like aura with markets, holding their collective breath ahead of his often cryptic comments. His mention of an irrational exuberance in the markets briefly sent stocks tumbling around the world. His legacy would be challenged when the financial crisis erupted less than two years after he stepped down. He wouldn't be spared in the blame game that followed. The chairman of the Financial Crisis Inquiry Commission was Phil Angelides.

[Damon John]

My view is you could have, you

[Alan Greenspan]

should have, and you didn't.

[Damon John]

And I do think this is one area we have to explore.

[Alan Greenspan]

The issue of retrospective and figuring out what you should have done differently is a really futile activity because you can't, in fact, in the real world, do it. I was right 70% of the time, but I was wrong 30% of the time.

[John Tucker]

He later insisted to Bloomberg the meltdown was a once in a century event that no one could see coming.

[Alan Greenspan]

Everybody missed it. Academia, the Federal Reserve, all regulators.

[John Tucker]

Late in retirement, another crisis would emerge. Greenspan spoke again to Bloomberg during the height of the pandemic.

[Alan Greenspan]

The virus is creating a major element of of uncertainty. And so we have to deal with it. Forecasting it is very precarious.

[John Tucker]

The thing he loved Most was as Dr. Greenspan, to diagnose the patient, which was the economy. John Tucker, Bloomberg Radio all right, John, thank you.

[Karen Moscow]

And again, NBC reporting. Former Federal Reserve Chairman Alan Greenspan has died at the age of 100. The cause was said to be complications of Parkinson's disease. That's news when you want it. With Bloomberg News now, I'm Karen Moscow and this is Bloomberg.

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