Special Report: Alan Greenspan Dies at 100

Summary

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Bloomberg Talks

Special Report: Alan Greenspan Dies at 100

June 22, 2026

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Episode Overview

This special Bloomberg Talks episode marks the passing of Alan Greenspan, the influential economist and longtime Chairman of the Federal Reserve, who died at the age of 100. The episode features reflections from Bloomberg anchors, reporters, and expert guests, examining Greenspan's extraordinary career, his impact on U.S. and global economic policy, and the complex legacy he leaves behind. Listeners are provided with historical context, memorable anecdotes, and expert analysis exploring Greenspan’s policies, his reputation, and their enduring influence on financial markets and central banking.

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Key Discussion Points & Insights

Greenspan’s Early Life and Unexpected Connection to Financial History

[01:40–02:20]

• Greenspan’s first encounter with major financial events was as a young jazz clarinetist at the Mount Washington Hotel in Bretton Woods in 1944, unaware that the Bretton Woods Accords were being drafted just below him.
  • Quote:
    "I was at the Mount Washington Hotel in Bretton Woods, New Hampshire. I didn't have a clue what all of that noise around me was. And somebody said, well, there's a big convention here. And I said, oh, too bad. I didn't think about it again for 75 years."
    — Interviewee/Expert [01:58]
• This anecdote underscores Greenspan’s lifelong proximity to the currents of economic change—even before his formal career began.

Chairmanship of the Federal Reserve — The “Greenspan Put” Era

[02:20–03:12]

• Greenspan served nearly 20 years as Fed Chairman, the second-longest tenure in history, under four U.S. presidents.
• Known for the “Greenspan Put”—a willingness to intervene in markets and support economic expansion, contributing to the record prosperity of the 1990s.
• He acknowledged the novelty of financial phenomena such as negative interest rates, which were not anticipated in traditional economic theory.
  • Quote:
    "How in the world did we end up with negative interest rates?... It's the extent of discounting human beings make about values today versus values tomorrow."
    — Interviewee/Expert [02:50]

Concerns About Entitlements and Fiscal Deficits

[03:12–03:41]

• Even after his tenure, Greenspan remained focused on structural concerns, notably the U.S. national deficit and entitlement spending.
  • Quote:
    "The one thing that has been a very considerable surprise in recent years is the extent to which unequivocally entitlements are crowding out gross domestic savings, dollar for dollar. To get that changed is a huge political issue."
    — Interviewee/Expert [03:22]

Greenspan’s Legacy and Public Persona

[04:11–05:13]

• Achieved “celebrity status” during the Clinton years, credited with helping guide the U.S.’s economic expansion.
  • Quote:
    "He achieved celebrity status I think under President Bill Clinton when stocks soared to record highs. I think The Economist magazine dubbed him a rock star. And a lot of his admirers call him the maestro."
    — Bloomberg Contributor [04:11]
• Shaped how the Fed communicates and signals market moves (e.g., the size of his briefcase became a market indicator).
• The phrase “irrational exuberance,” coined by Greenspan, remains part of economic discourse.
  • Quote:
    "Even the phrase 'irrational exuberance' is something that he coined and I still hear that decades after."
    — Bloomberg Contributor [05:13]

Greenspan’s Policy Influence and Critique

[05:19–05:48]

• His decisions during crises such as the failure of Long-Term Capital Management in 1998 set precedents for later Fed actions.
  • Quote:
    "Al Greenspan led the economy through the 90s... Greenspan, for example, cut rates three times after the failure of Long-Term Capital in 98, which we think Jay Powell lifted from very, very liberally last year."
    — James Englehoff [05:19]
• While credited with a long expansion, his legacy was later questioned amid the financial crisis of 2008.

Intellectual History and Central Bank Independence

[06:37–08:38]

• Greenspan’s career reflected wide intellectual influences (including association with Ayn Rand) and shifts in economic thought.
  • Quote:
    "He also had this very long sort of intellectual history... He was involved with Ayn Rand and stuff like that... There will always be people who question how much his loosening set up the kind of financial crisis. But there were other factors at work there as well."
    — John Micklethwait [06:37]
• Strong advocate for central bank independence—seen as crucial for the credibility of U.S. monetary policy.
  • Quote:
    "He was a very strong advocate of central bank independence.... It's a kind of reputation has to be built."
    — John Micklethwait [07:42]
• Comparison to contemporaries (Paul Volcker, Ben Bernanke) and discussion of present-day challenges to Fed independence.

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Notable Quotes & Moments

• On Destiny and History:
  "I didn't have a clue what all of that noise around me was... I didn't think about it again for 75 years." — Interviewee/Expert [01:58]
• On Negative Interest Rates:
  "How in the world did we end up with negative interest rates?... It's the extent of discounting human beings make about values today versus values tomorrow." — Interviewee/Expert [02:50]
• On Entitlements:
  "Entitlements are crowding out gross domestic savings, dollar for dollar. To get that changed is a huge political issue." — Interviewee/Expert [03:22]
• On Greenspan’s Public Persona:
  "Admirers call him the maestro. Definitely a revered former Fed chair." — Bloomberg Contributor [04:11]
• On Fed Practice and Influence:
  "Much of what we debate, including this past week, is a reaction to his legacy. The way he communicates, the way he would walk around with a big briefcase or a small briefcase—the signal for rate moves." — James Englehoff [04:39]
• On Central Bank Independence:
  "He was a very strong advocate of central bank independence... It's a kind of reputation has to be built." — John Micklethwait [07:42]

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Timestamps for Important Segments

• 01:20 — Breaking news announced: Alan Greenspan’s death reported.
• 01:40–02:20 — Greenspan’s early brush with Bretton Woods.
• 02:20–03:12 — Greenspan’s tenure and the “Greenspan Put.”
• 03:12–03:41 — Focus on deficits and entitlements.
• 04:11–05:13 — Greenspan’s public persona and lasting economic vocabulary.
• 05:19–05:48 — Analysis of his policies and legacy in the context of more recent Federal Reserve actions.
• 06:37–08:38 — John Micklethwait discusses Greenspan’s intellectual journey and impact on central bank independence.

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Conclusion

The episode offers a concise but thorough look at Alan Greenspan’s influence on financial markets and economic policy—celebrating his intellect, leadership, and the powerful, sometimes controversial, legacy he leaves behind. It draws connections between his actions and ongoing debates about the Federal Reserve’s role, capturing both the admiration and the critical reassessment that mark Greenspan’s long post-Fed shadow.

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Transcript

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[Bloomberg Anchor]

Some breaking news at the moment. Alan Greenspan, the influential economist who steered US Monetary policy during his five terms as chairman of the Federal Reserve under four presidents, died Monday, his wife said in a statement. He was 100. This is according to NBC. Right now, let's go to David Wesson with some thoughts on the life of Alan Greenspan.

[Bloomberg Reporter]

Greenspan's first exposure to the global financial system he would lead came playing the clarinet in a jazz band at a New Hampshire resort in 1944, not really understanding at the time that the delegates gathered one floor below him with were working through what would become the Bretton Woods Accords.

[Interviewee/Expert]

I was at the Mount Washington Hotel in Bretton Woods, New Hampshire. I didn't have a clue what all of that noise around me was. And somebody said, well, there's a big convention here. And I said, oh, too bad I didn't think about it again for 75 years.

[Bloomberg Reporter]

43 years later, he'd gone from playing in the band to becoming simply the chairman presiding over the Federal reserve for nearly 20 years. That's the second longest tenure in history. Known for supporting the economy through what became known as the Greenspan put that helped give the United States unprecedented prosperity through the 1990s. Alan Greenspan was the first to admit he didn't know everything. Not even he could have anticipated something never taught in economics, the possibility of negative interest rates.

[Interviewee/Expert]

How in the world did we end up with negative interest rates? Interest rates are a major component of what economists call time preference. It's the extent of discounting human beings make about values today versus values tomorrow.

[Bloomberg Reporter]

But to the end, Chair Greenspan remained focused on the big questions that he found timeless and especially on the threat posed by our looming national deficit.

[Interviewee/Expert]

The one thing that has been a very considerable surprise in recent years is the extent to which unequivocally entitlements are crowding out gross domestic savings, dollar for dollar. To get that changed is a huge political issue.

[Bloomberg Reporter]

Though he has been gone from his position at the top of the Federal Reserve for over a quarter century, the hole that he leaves will continue on well into the future.

[Bloomberg Anchor]

That was Bloomberg's David Westin with some thoughts on the passing of Alan Greenspan, former Fed Chair Alan Greenspan who died today at the age of 100. So, Isabel Lee joining me. Tom Keene is off today. Isabel Lee, so some big news. An influential voice to say the least. Five terms as chairman of the Federal Reserve under four presidents and he achieved

[Bloomberg Contributor]

celebrity status I think under President Bill Clinton when stocks soared to record highs. I think the Economist magazine dubbed him a rock star. And a lot of his admirers call him the maestro. Definitely a revered former Fed chair.

[Bloomberg Anchor]

Yeah, I mean, 100 years down, it is a heck of a run. James Englehoff joins us here. He's the chief US Economist for BNP Paribas. He's in our Bloomberg Interactive Broker studio. James, just huge news from folks like economists, market watchers. Alan Greenspan, just a monumental figure, a

[James Englehoff]

huge figure in the history of the Federal Reserve. Really a dominant in the dominant figure in the way the Fed communicates with markets, the way the Fed operates in markets. Much of what we debate, including this past week, is a reaction to his legacy. How does, what is the role of the chair versus the rest of the committee? Alan Greenspan was a, was a larger than life figure who set policy pretty much independently. The way he communicates, the way he would walk around with a big brief race or a small briefcase, the signal rate moves. You know, his approach to public speaking. A lot of what we debate now is, is, is, is a reaction to his term in office.

[Bloomberg Contributor]

Even the, the phrase irrational exuberance is something that he coined and I still hear that decades after.

[James Englehoff]

Well, it's because Al Greenspan led the economy through the 90s. Through the last time we had a very, very exuberant tech boom. And so some of these historical echoes we hear today. Alan Greenspan, for example, cut rates three times the failure of long term capital in 98, which we think out which we think Jay Powell lifted from very, very liberally last year when he cut rates after tariffs. And so now it's a lot of debate now about whether, whether new chair Warsh will have to lift a page from from Greenspan's playbook in 1999 when he took those insurance cuts back.

[Bloomberg Anchor]

Well, you Forget, I mean, Mr. Greenspan served as Fed chair chief for 18 years, 1987 to 2006 and was credit with guiding a record U.S. economic expansion. But his legacy was later dimmed by the financial crisis that erupted in 2008. James, thanks so much. Appreciate it as always. James Egg, chief US economist for BNP Paribas. Lots of news flows out here today with Mr. Greenspan. We want to get some perspective here on these items. John Micklethwait joins us here, editor in chief of Bloomberg News. He is in our London office at the moment. John, talk to us about your thoughts here on Alan Greenspan. Such an extraordinary career spanning so many years, so many presidencies and reshaping kind of the Federal Reserve. Love to get your thoughts on Mr. Greenspan and his passing.

[John Micklethwait]

Well, first, obviously it's a sad day in that respect. I think he Greenspan was one of the great central bankers on multiple different levels. Really very, very intelligent. Also kind of very cryptic in terms of the way he often communicated to people. But I think he also had this very long sort of intellectual history goes back all the way to the fact that he was involved with Ayn Rand and stuff like that. He went through different kinds of intellectual fashions and on the whole he ran the economy pretty well. There will always be people who question how much his loosening set up the kind of financial crisis. But there were other factors at work there as well. It wasn't just him. So I think he goes as a giant of central banking.

[Bloomberg Contributor]

What do you think is the biggest legacy that he left us with, especially now as the Federal Reserve and questions about its independence continue to hound markets and investors?

[John Micklethwait]

It's a good point. I think he was a very strong advocate of central bank independence. I mean, sometimes you forget these things that you forget how different the world was at one time. But the fact that you ended up with Paul Volcker, Alan Greenspan, people like Ben Bernanke afterwards, the whole presumption of what they did was that the Federal Reserve should be separate and independent. In places like Britain, where I am at the moment. That was also a more recent thing. This is not something that has always been there. It's a kind of reputation has to be built. And it's interesting the way that Jay Powell has managed to sort of defend that, I think actually relatively successfully against some Donald Trump's attempts to sort of intervene in that area.

[Bloomberg Anchor]

John, thank you so much. We really appreciate getting your thoughts here and your perspective. John Micklethwait is the editor in chief of Bloomberg News. He is in Bloomberg's London headquarters, Queen Victoria Street.

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