久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

  Home>News Center>World
         
 

Greenspan: flexibility crucial to economy
(AP)
Updated: 2005-10-12 21:15

The country's ability to weather a surge in energy prices is the latest example of how economic flexibility helps prevent serious recessions, Federal Reserve Chairman Alan Greenspan said Wednesday.

Greenspan said an environment of maximum competition has been the driving force in spurring the type of flexibility that has allowed the country to withstand a number of shocks over the past two decades with only two mild recessions.

"The impressive performance of the U.S. economy over the past couple of decades, despite shocks that in the past would have produced marked economic contractions, offers the clearest evidence of the benefits of increased market flexibility," Greenspan said in remarks to the National Italian American Foundation.

Wall Street investors have given Greenspan credit for the economy's good performance during this time period for his skillful handling of a number of economic shocks, from the stock market crash of October 1987, just a few months after Greenspan took office, to the rate cuts he engineered during the height of the Asian currency crisis in 1998.

While Greenspan mentioned these events in his speech, he ascribed the economy's ability to avoid steep recessions to overall market flexibility rather than good policies at the Federal Reserve.

"Most recently, the flexibility of our market-driven economy has allowed us, thus far, to weather reasonably well the steep rise in spot and futures prices for oil and natural gas that we have experienced over the past two years," Greenspan said.

"Although the business cycle has not disappeared, flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades," he said.

Since Greenspan took office in August 1987, the U.S. economy has undergone only two mild recessions, one in 1990-91 when oil prices surged after Iraq invaded Kuwait and the most recent one in 2001 when the bursting of the stock market bubble helped push the country into a downturn.

As he did in a speech on the same topic on Sept. 27, Greenspan said it was important to understand that the long stretches of economic stability can create other problems.

"To be sure, that stability, by fostering speculative excesses, has created some new challenges for policy-makers," he said.

While Greenspan did not elaborate, he in recent months has been warning about risks borrowers could face after an extended period of extremely low interest rates. He has warned that some homeowners who used exotic interest-only loans to buy their homes could be in trouble as interest rates start rising.

Greenspan cautioned against government action to take away flexibility, such as by erecting barriers to protect U.S. industries and workers from global competition.

"Protectionism in all its guises, both domestic and international, does not contribute to the welfare of American workers," Greenspan said. "At best, it is a short-term fix at a cost of lower standards of living for the nation as a whole."

Instead, Greenspan argued that what the government should be providing is increased education and training for workers who lose their jobs because of foreign competition.



Soyuz space capsule lands
Japanese parliament's lower house passes postal reform bills
Quake jolted South Asia, killing more than 30,000 people
 
  Today's Top News     Top World News
 

China astronauts blast confidently into space

 

   
 

Snow 'astonished' by changes in Shanghai

 

   
 

Next goals: Permanent space lab, and moon

 

   
 

Al-Qaida No. 2: U.S. 'ran' from Vietnam

 

   
 

Aid from 30 nations pours into Pakistan

 

   
 

CPC sets blueprint for next five years

 

   
  Weather clears, aid pours into Pakistan
   
  Palestinians: Arafat's death still mystery
   
  Iraqis reach breakthrough deal on charter
   
  Iraqi judges trained for Saddam trial
   
  US envoy: North Korea could face isolation
   
  Diplomats see possible Iran compromise
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  Are the Republicans exploiting the memory of 9/11?  
Advertisement
         
主站蜘蛛池模板: 欧美一区二区视频三区 | 欧美一级视频免费看 | 国内外成人免费视频 | 国产成人小视频在线观看 | 欧美一级欧美一级高清 | 久久99精品久久久久久青青91 | 久久久久久久久久久大尺度免费视频 | www.久草视频 | 国产欧美日韩一区二区三区在线 | 八戒午夜精品视频在线观看 | 玖玖啪| 国产aⅴ一区二区 | 欧美一级手机免费观看片 | 三级黄色在线播放 | 国产裸体美女视频全黄 | 精品久久久久久无码中文字幕 | 偷窥女厕国产在线视频 | 日韩午夜在线 | 亚洲依依成人综合在线网址 | 国产成人亚洲综合网站不卡 | 香港三级日本三级人妇网站 | 日韩精品另类天天更新影院 | 在线免费观看日本视频 | 国产精品亚洲专一区二区三区 | 国产精品久久久久久爽爽爽 | 91成人免费观看网站 | 国产在线精品一区二区夜色 | 中文字幕天堂久久精品 | 日韩 亚洲 制服 欧美 综合 | 国产成人久久综合二区 | 成年女人免费视频 | 国产日韩亚洲不卡高清在线观看 | 97青草香蕉依人在线播放 | 亚洲国产精品激情在线观看 | 中文字幕一区二区三区有限公司 | 手机成人看片 | 国产一级做a爱免费观看 | 久久国产一片免费观看 | 日本一线一区二区三区免费视频 | 四川一级片 | 国产成人精品高清不卡在线 |