Former Chairman Alan Greenspan, who had been in charge of the Federal Reserve for 19 years, has passed away at the age of 100. Greenspan served as the Chairman of the Federal Open Market Committee (FOMC) from 1987 to 2006, making him the second longest serving Federal Reserve Chairman in US history. He retired at the age of one hundred, marking the loss of the most symbolic totems of the modern central bank communication paradigm and interest rate interventionism that he personally shaped over the past forty years. Greenspan's career is deeply intertwined with several asymmetric crises in modern American financial history. In August 1987, just two months after taking office, he encountered the "Black Monday" stock market crash, and his subsequent brief statement established a precedent for central banks to provide liquidity guarantees to the market. Since then, he has led the US scientific and technological boom and "new economy" cycle in the 1990s by continuously adjusting the federal funds interest rate, and frequently used monetary policy tools for countercyclical adjustment during the Internet foam burst in 2000, the "September 11" terrorist attacks in 2011 and the subsequent economic recession in the early 2000s. However, this high-frequency market intervention has caused significant financial costs and compliance controversies in the future. The long-term low interest rate policy implemented by Greenspan during the crisis delayed market clearing in the short term, but it is widely believed to be the structural root cause of the 2008 subprime mortgage crisis. He publicly admitted during a congressional hearing that he overestimated the organizational efficiency of the free market for self correction. In addition, its iconic "constructive ambiguity" communication style, although suppressing the market surprise premium at specific historical points, has also led Wall Street to form an excessive path dependence on the Federal Reserve's implicit guarantee (Greenspan Put). Greenspan was nominated for re-election four times in the two party rotation, demonstrating strong political coordination and institutional control. In the current year of 2026, when the newly appointed Federal Reserve Chairman Kevin Walsh is attempting to comprehensively deconstruct and clean up the "central bank takes care of everything" operating system that has continued since the Greenspan era by establishing five special working groups, the death of this first generation "economic czar" seems more like a fateful footnote. The capital market is being forced to bid farewell to the old coordinate system constructed by personal prestige, vague language, and excessive liquidity.