{"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: FEDERAL RESERVE CHAIRMAN GREENSPAN' data-url='/boclips/videos/5c54bf58d8eafeecae1426ae' data-video-url='/boclips/videos/5c54bf58d8eafeecae1426ae' 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: FEDERAL RESERVE CHAIRMAN GREENSPAN\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 delivered a sober assessment of the   U-S economy to Congress on Wednesday, saying that the sharp slowdown that began in the second half of last year \"has yet to run its full...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eU-S Federal Reserve Chairman Alan Greenspan delivered a sober assessment of the   U-S economy to Congress on Wednesday, saying that the sharp slowdown that began in the second half of last year \"has yet to run its full course\".\u003cbr/\u003eGreenspan's comments sent a clear signal that the Reserve, which already reduced interest rates by a full percentage point in January, is ready to do more to prevent the faltering economy from entering a recession.\u003cbr/\u003eTestifying before the House Financial Services Committee, Greenspan blamed much of the economy's weakness on an effort by businesses to cut back quickly on production in the face of falling sales.\u003cbr/\u003eWall Street apparently found little to its liking in Greenspan's message. \u003cbr/\u003eAfter the first 90 minutes of trading, the Dow Jones industrial average was down 120 points and the Nasdaq index was down 36 points.\u003cbr/\u003eAlthough companies are working hard to bring their excess inventories of unsold goods closer into alignment with demand, Greenspan said, the process may take more time.\u003cbr/\u003eEconomists said Greenspan's remarks revealed more concern about the state of the economy than was evident in his earlier Senate appearance.\u003cbr/\u003eBefore Greenspan's appearance on Capitol Hill Wednesday, the government released it newest estimate of economic growth, showing a dramatic slowdown at the end of last year.\u003cbr/\u003eGross Domestic Product, the total output of all goods and services produced within the United States, grew at an annual rate of just 1.1 per cent in the final three months of 2000, the weakest performance in more than five years.\u003cbr/\u003eThe government had previously estimated fourth quarter growth at a 1.4 per cent.\u003cbr/\u003eGreenspan also said he would keep a close eye on consumer confidence, because how confidence holds up during a slowdown is a big factor in determining whether there is a recession.\u003cbr/\u003eConsumer confidence has eroded since Greenspan delivered his economic outlook report to the Senate just two weeks ago, dropping for the fifth straight month, to its lowest level since 1996, the Conference Board reported on Tuesday.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"When I last reported to you in July, economic growth was just exhibiting initial signs of slowing from what had been an exceptionally rapid and unsustainable rate of increase that began a year earlier.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"But the adjustment has occured much faster than most businesses anticipated, but the process was likely intensified by the rise in the cost of energy that has drained business and household purchasing power.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003eThe exceptional degree of slowing so evident toward the ending of last year, perhaps in part the consequence of adverse weather seemed less evident in January and February.  Nonetheless the economy appears to be on a track well below the productivity enhanced rate of growth of its potential and even after the policy action taken in January, the risks continued skewed toward the economies remaining in a path inconsistent with satisfactory economic performance.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"For the period ahead, downside risks predominate.  In addition to the possibility of the break in confidence, we don't know how far the adjustment of the stocks of consumer durables and business capital equipment has come.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"In summary then, although the sources of long-term strength in our economy remain in place, excesses built up in 1999 and early 2000 have engendered a retrenchment that has yet to run its full course.  This retrenchment has been prompt, in part because new technologies have enabled businesses to respond more rapidly to emerging excesses.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003e Washington DC, USA - February 28, 2001 \u003cbr/\u003e1. Mid shot of Greenspan addressing Congress\u003cbr/\u003e2. SOUNDBITE: (English) Alan Greenspan, Federal Reserve Chairman\u003cbr/\u003e3. Various shots Congress\u003cbr/\u003e4. SOUNDBITE: (English) Alan Greenspan, Federal Reserve Chairman\u003cbr/\u003e5. Cutaway\u003cbr/\u003e6. SOUNDBITE: (English) Alan Greenspan, Federal Reserve Chairman\u003cbr/\u003e7. Cutaway\u003cbr/\u003e8. SOUNDBITE: (English) Alan Greenspan, Federal Reserve Chairman\u003cbr/\u003e9. 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