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
I find it utterly inconceivable, frankly, that we can have the type of potential fiscal outlook, which now confronts us over the next 15 to 20 years which, unless addressed, will not have a significant impact on long-term interest rates,
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
hesitancy to face up to the difficult choices that will be required to resolve our looming fiscal problems.
Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.
The imbalance in the federal budgetary situation, unless addressed soon, will pose serious longer-term fiscal difficulties,
The changes in the budget outlook over the past several years are truly remarkable, ... We need to resist those policies that could readily resurrect the deficits of the past and the fiscal imbalances that followed in their wake.
Inflationary pressures will be reasonably well contained, so long as productivity is moving at a reasonably good clip,
Indications that the extent of the application of existing technology is still far from complete, plus potential benefits derived from continuing synergies, support a distinct possibility that total productivity growth rates will remain high or even increase further,
Indeed, our goal, in responding to the complexity of current economic forces, is to extend the expansion by containing imbalances and avoiding the very recession that would complete a business cycle,
Indeed only such highly liquid portfolios would be consistent with (government-sponsored enterprises') mission of providing primary mortgage market liquidity during a crisis, particularly a financial crisis,
Indeed, only such highly liquid portfolios would be consistent with (government-sponsored enterprises') mission of providing primary mortgage market liquidity during a crisis, particularly a financial crisis,
in more vulnerable countries where (the principal bank's) guarantee is more likely to be called upon and (where) cost might deter some aberrant borrowing.
in modest quantities does enhance the rate of growth of the economy and does create higher standards of living, but in excess, creates very serious problems.
I know this institution will go on doing extraordinary things, and I will look on from the sidelines and cheer.