Alan Greenspan
Alan Greenspan
Alan Greenspanis an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position...
NationalityAmerican
ProfessionEconomist
Date of Birth6 March 1926
CityNew York City, NY
CountryUnited States of America
economy evidence few forces hit last soft taken toll
Over the last few months, these forces have taken their toll on activity, and evidence has accumulated that the economy has hit a soft patch,
change clearly concern issue last longer number occurred threats
Threats of deflation, which were a significant concern last year, by all indications are no longer an issue before us, ... That clearly is a change that's occurred in the last number of weeks, and it's a change ... that's been long overdue and is most welcome.
business changing closed funds last morning problems sheet
One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won't tell you very much about what they're doing.
activity although continue contrast force household last major potential sector spending trend usual
Through most of last year's slowdown, in contrast to the usual pattern, the household sector was a major stabilizing force, ... As a consequence, although household spending should continue to trend up, the potential for significant acceleration in activity in this sector is more limited.
bottom capital cutting despite edge failing fearful found jobs labor last losing marked markets move pace prominent report similar skills survey workers
Despite the tightest labor markets in a generation, more workers report in a prominent survey that they are fearful of losing their jobs than similar surveys found in 1991 at the bottom of the last recession, ... The marked move of capital from failing to technologies to those at the cutting edge has quickened the pace at which job skills become obsolete.
almost appears attacks blows business cycles declines economy equity induced investment last major previous september severe sharp surely terrorist tragic
The U.S. economy appears to have withstood a set of blows -- major declines in equity markets, a sharp retrenchment in investment spending, and the tragic terrorist attacks of last September -- that in previous business cycles almost surely would have induced a severe contraction,
balance credit demands expansion federal forces funds gradually held interest last level market otherwise past raising rate rates required reserve rose
The Federal Reserve has responded to the balance of market forces by gradually raising the federal funds rate over the past year, ... Certainly, to have done otherwise -- to have held the federal funds rate at last year's level even as credit demands and market interest rates rose -- would have required an inappropriately inflationary expansion of liquidity.
create markets possible ultimately
It is possible to get markets which are too tight, which create inflationary imbalances and ultimately undercut the recovery,
initiative produced senate
I thought that the initiative that the Senate produced was very important and very effective,
continue country enable federal fit four honored privilege saw senate serve
It has been an extraordinary privilege to be able to serve my country at the Federal Reserve, and I would be honored if the Senate saw fit to enable me to continue this association for another four years,
becoming business cycle deny difficult emerged profoundly recent
It is becoming increasingly difficult to deny that something profoundly different than the postwar business cycle has emerged in recent years,
debt deficits domestic interest large rates ratio result rising service
Large deficits will result in rising interest rates and an ever-growing ratio of debt service to GDP (gross domestic product),
capital change dramatic eventually expansion investment judgment level number slow ways
Our judgment is that the level of consumption growth...will slow down, and the dramatic expansion in capital investment will slow down, ... Something will eventually change the pattern, but there are a number of different ways that can happen.
actual broad inflation picked price rise
While actual CPI inflation has picked up this year, this rise has not been mirrored uniformly in other broad price measures,