If we can maintain an adequate degree of flexibility, some of America 's economic imbalances, most notably the large current account deficit and the housing boom, can be rectified by adjustments in prices, interest rates, and exchange rates rather than through more-wrenching changes in output, incomes, and employment.
More Quotes from Alan Greenspan:
The Fed policy-making committee is of the view... that monetary policy accommodation can be removed at a pace that is likely to be measured,Alan Greenspan
We cannot be a central bank for others.
Alan Greenspan
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.
Alan Greenspan
Every citizen, every citizen must count for opportunities and must be counted for our nation's well being, ... How well we prepare our resources in this area will show in how well prepared we are as a country.
Alan Greenspan
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.
Alan Greenspan
We're going to see some erosion in a number of macroeconomic variables
Alan Greenspan
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