Because there was little retrenchment during the cyclical downturn, the potential for a significant acceleration in activity in the household sector is likely to be more limited than in past business cycles,
More Quotes from Alan Greenspan:
Before the crisis broke, there was little reason to question the three decades of phenomenally solid East Asian economic growth, largely financed through the banking system, so long as the rapidly expanding economies and bank credit kept the ratio of non-performing loans to total bank assets low,Alan Greenspan
An increase in inflation doggedly forecast to follow the ever lower unemployment rate--now the lowest in three decades -- has not occurred,
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these borrowers, and the institutions that service them, could be exposed to significant losses.
Alan Greenspan
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,
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Our operating procedures, as you suggest, do tend to smooth out short-run fluctuations in short-term interest rates,
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Without the needed restrictions on the size of the GSE balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States, a key ingredient of support for housing,
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