{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Chairman of US Federal Reserve comments' data-url='/boclips/videos/5c54bed2d8eafeecae13e8c1' data-video-url='/boclips/videos/5c54bed2d8eafeecae13e8c1' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nChairman of US Federal Reserve comments\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Chairman of the US Federal Reserve Bank Alan Greenspan taking seat2. Pan from House Budget Committee to Greenspan seated3. SOUNDBITE (English) Alan Greenspan, Chairman of the US Federal Reserve Bank\"As you know, economic activity hit...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Chairman of the US Federal Reserve Bank Alan Greenspan taking seat\u003cbr/\u003e2. Pan from House Budget Committee to Greenspan seated\u003cbr/\u003e3. SOUNDBITE (English) Alan Greenspan, Chairman of the US Federal Reserve Bank\u003cbr/\u003e\"As you know, economic activity hit a soft patch in late spring after having grown briskly in the second half of 2003 and the first part of 2004. Consumer spending slowed materially, and employment gains moderated notably after the marked step-up in early spring. That softness in activity no doubt is related, in large measure, to this year's steep increase in energy prices. The most recent data suggest that, on the whole, the expansion has regained some traction.\"\u003cbr/\u003e4. Committee members listening\u003cbr/\u003e5. SOUNDBITE (English) Alan Greenspan, Chairman of the US Federal Reserve Bank\u003cbr/\u003e\"The prospects for the federal budget over the long term remain troubling.  With the baby boomers starting to retire in a few years and health spending continuing to soar, our budget position will almost surely deteriorate substantially in coming years if current policies remain in place.\"\u003cbr/\u003e6. TV Screen showing budget presentation\u003cbr/\u003e7. Wide of Greenspan with screen behind him\u003cbr/\u003e8. Committee members listening\u003cbr/\u003e9. SOUNDBITE (English) Jim Nussle, R-IA, House Budget Committee Chairman\u003cbr/\u003e\"I keep hearing people talking down the economy.  Where is the bad news?\"\u003cbr/\u003e10. SOUNDBITE (English) Alan Greenspan, Chairman of the US Federal Reserve Bank\u003cbr/\u003e\"The underlying structure of the recovery is still there, and my judgement is that if it were not for the very sharp rise in oil prices we would still be seeing some fairly strong growth typical of that earlier period.  So, we still have problems and there are innumerable problems that I will address some of these later but I agree with you in general that the economy is doing reasonably well.\"\u003cbr/\u003e11. Wide of Greenspan at table\u003cbr/\u003eUS Federal Reserve Chairman Alan Greenspan on Wednesday said the American economy had regained some \"traction\" after a late Spring slowdown triggered by a sharp spike in oil prices.\u003cbr/\u003eGreenspan's moderately upbeat forecast was likely to cement expectations that the Central Bank will raise interest rates for a third time when federal policy-makers meet in two weeks.\u003cbr/\u003eIn testimony prepared for the House Budget Committee, Greenspan said that two key indicators, consumer spending and housing construction, bounced back in July after a weak performance in June.\u003cbr/\u003eEconomists believe the Fed will keep raising rates at a measured pace at coming meetings, including another quarter-point increase on September 21.\u003cbr/\u003eGreenspan has warned that Congress must act with more urgency to address the country's long-term deficit problems before the retirement of the baby boom generation at the end of this decade.\u003cbr/\u003eThe economy has become a debating point in the US presidential campaign with President George W. Bush contending that his tax cuts averted a more serious recession in 2001. \u003cbr/\u003eInvestors were unmoved by Greenspan's improved assessment of the economy, and stocks on Wall Street remained mixed on Wednesday in light trading.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator 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