Word: greenspans
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Dates: during 1990-1999
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WASHINGTON: Alan Greenspan, arguably the second most powerful man in America, is starting to sound just like your mother. "The exemplary performance of the U.S. economy in 1997 will be hard to match," he warned Congress Wednesday. "We must remain cautious about extrapolating recent favorable tax inflows into the future...
...exactly like your mother. But the message was very down-home: Start saving for a rainy economy. Greenspan urged Congress, in crafting the 1999 budget, to keep the tax-cut goodies out -- and sock the extra money away until the impact of the Asian crisis on U.S. prosperity can be fully appreciated...
...These uncertainties underscore the need for caution as you move ahead in your work on the 1999 budget," Greenspan said. "There is no guarantee that projected surpluses over the next few years will actually materialize." And eat your vegetables -- or he'll raise interest rates...
Asia's economic crisis cast a shadow over the otherwise upbeat assessment of the U.S. economy Alan Greenspan presented to the House of Representatives today. ?The outlook for...the United States is less assured of late because of storm clouds massing over the Western Pacific and heading our way,? Greenspan warned, explaining the Fed?s decision to maintain interest rates...
...exports exacerbates the crisis. "If the trend reflected in the December U.S. trade deficit continues - and there's every reason to believe it will - the Asian crisis could knock 1 percent off our GDP and wipe out 1 million American jobs," says Van Voorst.
Greenspan's warning a timely reminder of what's at stake for America in the forthcoming congressional debate over U.S. contributions to the International Monetary Fund's Asian bailout...