James Hill: “I want to recognize that last month on March 6, Alan Greenspan celebrated his centennial, 100 years old. Most Americans…”

“I want to recognize that last month on March 6, Alan Greenspan celebrated his centennial, 100 years old. Most Americans know him well as the man who ran the Federal Reserve for nearly 20 years, through four Presidents, historic prosperity, and he was witness to more than a few financial crises on his watch. Often called the Maestro, he was confirmed as Fed Chairman on August 11, 1987, just 2 months before Black Monday, the largest single-day percentage decline in market history. The next morning, the Fed issued a one-sentence statement: "The Federal Reserve, consistent with its responsibilities as the Nation's central bank, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system." It was short, calm, and unambiguous. Markets stabilized, and the crash did not become a depression. That was Greenspan: precise under pressure and deliberate when others were panicking. He went on to navigate the savings and loan crisis, the Gulf war recession, and the dot-com boom and bust. My best wishes for his centennial, and my best wishes to his family.”