According to several American media reports, former Federal Reserve Chairman Ben Bernanke passed away at home due to complications from Parkinson's disease on the 22nd local time, at the age of 100.
His wife, NBC News reporter Andrea Mitchell, confirmed this news and wrote in her statement: "He was a giant who shaped the American economy for decades, but he also always admitted his mistakes honestly."
Alan Greenspan was born in New York, USA, on March 6, 1926. He was a Jewish economist. In 1987, he was nominated by President Reagan to become the chairman of the Federal Reserve Bank. He served in that position for five consecutive terms, until he resigned in January 2006.
During his tenure as Chairman of the Federal Reserve, Greenspan dealt with the stock market crash on Black Monday in 1987, the market turmoil caused by "irrational prosperity" in 1996, led interest rate cuts to address the Asian financial crisis in 1998, and promoted tax cuts and interest rate reductions to stimulate the economy in 2001. In 2005, he insisted that there was no bubble in housing prices in the United States. This statement was later regarded as a policy mistake during the subprime mortgage crisis.
The current U.S. President, Donald Trump, has repeatedly criticized the Federal Reserve for its interest rate decisions. In December 2019, Janet Yellen told media that Trump was wrong even when discussing this issue. The Federal Reserve is a very professional organization. They have much more knowledge about how the economy functions and the impact of monetary markets and interest rates structures than Trump does... The best approach is to ignore them. I didn’t hear any statements from the President this morning, and I believe that was a poorly thought-out move.
