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
He has been one of the most effective secretaries of the Treasury in this nation's history,
Greenspan will note the economy's robust growth pace in a low inflation environment, ... the downside risks of the international weakness . . . most recently Brazil.
has got to be a factor in determining the propensity of people to spend money.
There are sound reasons for concluding that the long-run picture remains bright ... but I would emphasize that we continue to face significant risks in the near term,
Had the failure of LTCM triggered the seizing up of markets, substantial damage could have been inflicted on many market participants, including some not directly involved with the firm, and could have potentially impaired the economies of many nations, including our own,
heed fully the Chinese position on exchange rate reform.
helped to lower risk premiums on debt and have contributed importantly to the favorable investment environment.
Such developments apparently reflect not only market dynamics but also the all-too-evident alternating and infectious bouts of human euphoria and distress and the instability they engender,
Such an increase in market value is too often viewed by market participants as structural and permanent, ... To some extent, those higher values may be reflecting the increased flexibility and resilience of our economy.
Surely difficult challenges lie ahead for the Fed, some undoubtedly of our own making, and others that will be thrust on us by market or other forces,
Terrorism poses a challenge to the remarkable record of globalization, ... I trust that we will go forward expeditiously with the pending new trade round. The differences to be resolved in such talks are small relative to the larger issue of maintaining our freedoms to travel and trade on a global scale.
Looking ahead, the consensus expectation for a pickup in economic activity is not unreasonable, though the timing and extent of that improvement continue to be uncertain,
Let me say this anyway on the record: We do not and have not been targeting stock prices for the purposes of endeavoring to stabilize this economy, ... We react if and when stock market price changes impact on the economy. We respond to the economy.
I realize what that does to competitiveness, but that's the way markets work efficiently. In other words, to prevent the exchange rates from moving creates all sorts of distortions.