{"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='USA: JOINT ECONOMIC COMMITTEE: GREENSPAN TESTIMONY' data-url='/boclips/videos/5c54bf16d8eafeecae14076e' data-video-url='/boclips/videos/5c54bf16d8eafeecae14076e' 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\nUSA: JOINT ECONOMIC COMMITTEE: GREENSPAN TESTIMONY\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'\u003eEnglish/NatU-S Federal Reserve Chairman Alan Greenspan says that while inflation is in check the central bank should take preemptive action to prevent any threat to continued economic growth.Some analysts believe that by using the word...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eU-S Federal Reserve Chairman Alan Greenspan says that while inflation is in check the central bank should take preemptive action to prevent any threat to continued economic growth.\u003cbr/\u003eSome analysts believe that by using the word \"preempt\" Greenspan is signalling that the Federal Reserve is prepared to act quickly to raise short-term interest rates to slow the economy.\u003cbr/\u003eBut despite the hints, Wall Street seemed to take Greenspan's comments in its stride, with stocks moving only modestly higher on Thursday.\u003cbr/\u003eIt was the second such hint from Greenspan this week.\u003cbr/\u003eHis testimony before the Joint Economic Committee in the U-S Congress came just a day after the government reported that inflation remained tame in May.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"For monetary policy to foster maximum sustainable economic growth, it is useful to preempt forces of imbalance before they threaten economic stability.  But this may not always be possible - - the future at times can be too opaque to penetrate. When we can be preemptive, we should be, because modest preemptive actions can obviate the need of more drastic actions at a later date that could destabilize the economy.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003ePrivate economists expect Federal Reserve policy-makers to raise short-term interest rates, either at their next meeting on June 29th/30th or sometime later this year to keep the economy from overheating.\u003cbr/\u003eLast month, Federal Reserve policy-makers said they were leaning towards raising short-term interest rates because of what they called \"the potential for a buildup of inflationary imbalances.\"\u003cbr/\u003eGreenspan said it was necessary to take actions based on predictions of what the economy might do in the near future to achieve stability. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Because monetary policy operates with a significant lag, we have to make judgments, not only about the current degree of balance in the economy, but about how the economy is likely to fare a year or more in the future under the current policy stance.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003eThe Federal Reserve has not raised U-S interest rates in more than four years.\u003cbr/\u003eWhen interest rates go up, borrowing becomes more expensive, consumers and businesses tend to spend less and so the economy eventually tends to slow.\u003cbr/\u003eGreenspan acknowledged that strong consumer demand has kept the U-S economy growing, even while some other countries have suffered two years of recession. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The American economy has maintained its momentum and emerging economies in Asia and Latin America are clearly on firmer footing, though in some cases, their turnarounds appear fragile.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003eMany economists believe that if U-S consumers continue their buying spree as demand for American goods grows overseas, production capacity could be overloaded, leading to inflationary pressures.\u003cbr/\u003eAnalysts say Greenspan's comments appear to back up the idea that the Federal Reserve is likely to raise short-term rates later this month.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"They are not leaning, they are going to hike rates.  Yeah, he was very clear about that - I mean you cant just say you are going to hike rates, but he said two things that really give it away.  Number one, he distances himself from yesterday's benign C-P-I (Consumer Price Index) by saying we are looking ahead at conditions as they develop, and then he went on to say that there are factors that could lead to higher inflation.\" \u003cbr/\u003eSUPER CAPTION: David Horner, Senior Financial Strategist, Merrill Lynch\u003cbr/\u003eBut economists disagree over how many times the interest rate could be raised, or by how much. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Now he said that a modest increase in rates now will prevent a more drastic increase later, that has suggested to some people that there will only be 25 basis points. My own interpretation of that is that they will probably go 50, but won't go all at once.\"\u003cbr/\u003eSUPER CAPTION: David Horner, Senior Financial Strategist, Merrill Lynch\u003cbr/\u003eMarkets reacted calmly to Greenspan's remarks and stocks were moving modestly higher during mid afternoon trading on Wall Street.\u003cbr/\u003e Washington D-C and New York City, U-S-A -  June 17, 1999  and file \u003cbr/\u003ePOOL - Washington DC - June 17, 1999\u003cbr/\u003e1. Mid view of Alan Greenspan with Senator Paul Sarbanes (Democrat-Maryland) \u003cbr/\u003e2. Wide view of panel\u003cbr/\u003e3. SOUNDBITE: (English) Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003e4. Wide view of congressman with chart\u003cbr/\u003e5. SOUNDBITE: (English) Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003e6. Wide view of hearing\u003cbr/\u003e7. SOUNDBITE: (English) Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003e8. Pan view from Greenspan\u003cbr/\u003eAPTN - New York City - June 17, 1999\u003cbr/\u003e9. Wide view of Merrill Lynch trading room\u003cbr/\u003e10. Close-up of traders\u003cbr/\u003e11. SOUNDBITE: (English) David Horner, Senior Financial Strategist, Merrill Lynch\u003cbr/\u003e12. Close-up trading on New York Stock Exchange floor\u003cbr/\u003e13. SOUNDBITE: (English) David Horner, Senior Financial Strategist, Merrill Lynch\u003cbr/\u003eAPTN - File\u003cbr/\u003e14. 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