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
We can be confident that new jobs will displace old ones as they always have, but not without a high degree of pain for those caught in the job-losing segment of America's massive job-turnover process,
We are not starting off with the proposition that inflation is a big bogey and that we will construct all sorts of arguments ... thwart it,
We have a way to go. We're not there yet.
We have a very special mission. We are in charge of the nation's currency and the central bank, because of that, is involved in everyone's daily lives. We are the guardians of their purchasing power.
The president and I have not discussed this, but I greatly appreciate his confidence, ... I have been privileged to be appointed by five presidents to various positions. If President Bush nominates me, and the Senate confirms his choice, I would have every intention of serving.
The present policy path makes current promises, at least in real terms, highly conjectural,
the pressure to enlarge the pool of skilled workers also requires that we strengthen the significant contributions of other types of training and educational programs, especially for those with lesser skills.
The problem that exists here is that unless we can close the gap between supply and demand by accelerating productivity, which we are doing in part, then the prosperity that everyone is experiencing would be put in great jeopardy,
The problems that we have seen are, in one sense, more domestic than they are international,
We have a moral obligation to use our prosperity at this moment, especially to uplift communities in poverty,
the amount of rate cuts required to revive the economy will not be deep.
Today, economic value is best symbolized by exceedingly complex, miniaturized integrated circuits and the ideas -- the software -- that utilize them, ... Most of what we currently perceive as value and wealth is intellectual and impalpable.
To date, interest-sensitive spending has remained robust and the FOMC (Federal Open Market Committee) will have to stay alert for signs that real interest rates have not yet risen enough to bring the growth of demand into line with that of potential supply, even should the acceleration in productivity continue,
have rarely fallen and certainly not by very much.