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
As the value of assets and liabilities have risen relative to income, we have been confronted with the potential for our economies to exhibit larger and perhaps more abrupt responses to changes in factors affecting the balance sheets of households and businesses,
As I see it, heightened job insecurity ... explains a significant part of the restraint on (wages), and the consequent muted price inflation, ... Surveys of workers have highlighted this extraordinary state of affairs.
At some point, labor market conditions can become so tight that the rise in nominal wages will start increasingly outpacing the gains in labor productivity, and prices inevitably will then eventually begin to accelerate,
At present, the Social Security trustees estimate that the unfunded liability over the indefinite future to be $10.4 trillion, ... The shortfall in Medicare is calculated at several multiples of the one in Social Security.
A significant amount of consumption is driven by capital gains on some combination of both stocks and residences,
Concentration and other risks in holding dollar balances seem to have become a consideration at least for some investors,
difficult to suppress growing market exuberance when the economic environment is perceived as more stable.
could certainly meet the fundamental criteria of being simple, fair, and pro-growth.
could prove destabilizing to our financial system as a whole and in the end could seriously diminish the availability of home mortgage funds.
Competition is the necessary driving force toward delivering a superior product or service, ... We should not shy away from it.
This situation suggests that international investors will eventually adjust their accumulation of dollar assets or, alternatively, seek higher dollar returns to offset concentration risk, elevating the cost of financing of the U.S. current account deficit and rendering it increasingly less tenable,
There should be little disagreement about the need to re-establish budget discipline,
The trend of existing home sales has been relatively flat at a reasonable high level for quite a long period of time, and if we can maintain that we are doing well,
The United States is currently in its ninth year of economic expansion, an exemplary accomplishment by any standard. Growth of output has remained vigorous, unemployment is lower than it has been in nearly thirty years, and yet, despite the tautness in labor markets, there have been no obvious signs of emerging inflation pressures,