{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: GREENSPAN ON THE OUTLOOK FOR THE US ECONOMY' data-url='/boclips/videos/5c54c4aad8eafeecae16a626' data-video-url='/boclips/videos/5c54c4aad8eafeecae16a626' 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: GREENSPAN ON THE OUTLOOK FOR THE US ECONOMY\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/NatThe chief of the United States' Federal Reserve, Alan Greenspan, has announced a trademark balanced view of the country's economy.In his biannual address to Congress, Greenspan summed up potential risks to the economy after...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe chief of the United States' Federal Reserve, Alan Greenspan, has announced a trademark balanced view of the country's economy.\u003cbr/\u003eIn his biannual address to Congress, Greenspan summed up potential risks to the economy after its longest peace-time expansion in U-S history.\u003cbr/\u003eThere was no indication that Greenspan plans any changes in monetary policy in the near future. \u003cbr/\u003eAddressing the Senate Banking Committee on Tuesday, Alan Greenspan spoke of the continued strength of the U-S economy.\u003cbr/\u003e[SOUNDBITE: (English)\u003cbr/\u003e\"Mr Chairman,  Americans can justifiably feel proud of their recent economic achievements. Competitive markets with open trade both domestic and internationally have kept our production efficient and on the expanding frontier of technological innovation.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman]\u003cbr/\u003eEconomists and financial markets had anticipated such an upbeat assessment.\u003cbr/\u003eThe New York stock market's Dow Jones industrial average dropped more than 90 points from the moment his testimony was released but it fully recovered in under an hour.\u003cbr/\u003eGreenspan was reasonably optimistic about the future for the economy.\u003cbr/\u003e[SOUNDBITE: (English)\u003cbr/\u003e\"The U-S economy's performance should remain solid this year, though likely with a slower pace of economic expansion and a slightly higher rate of overall inflation than last year. \"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman]    \u003cbr/\u003eBut there was a word of warning.\u003cbr/\u003eHe cautioned that dangers, ranging from a potential stock market drop to possible inflation pressures, still threaten.\u003cbr/\u003eHe also warned of many areas that could affect the U-S economy adversely in the coming year.\u003cbr/\u003eGreenspan focused on equity prices as a trouble spot.\u003cbr/\u003e[SOUNDBITE: (English)\u003cbr/\u003e\"But after eight years of economic expansion, the economy appears stretched in a number of dimensions, implying considerable upside and downside risks to the economic outlook. The robust increase in production has been using up our nation's spare labour resources, suggesting that recent strong growth in spending cannot continue without a pickup in inflation unless labour productivity growth increases significantly further. Equity prices are high enough to raise questions about whether shares are overvalued.  The debt of the household and business sector has mounted - as has the external debt of the country as a whole, reflecting the deepening current account deficit.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman]\u003cbr/\u003eGreenspan said changes in conditions could either push the economy towards recession, requiring lower interest rates to stimulate buying demand, or re-ignite inflation, requiring higher rates to cool demand.\u003cbr/\u003e[SOUNDBITE: (English)\u003cbr/\u003e\"We remain vulnerable to rapidly changing conditions overseas which, as we saw last summer, can be transmitted to U-S markets quickly and traumatically. In the light of all of these risks, monetary policy must be ready to move quickly in either direction should we perceive imbalances and distortions developing that could undermine the economic expansion.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, US Federal Reserve Chairman]\u003cbr/\u003eBut there were strong signals that the central bank plans no changes in interest rates, either up or down, in the next few months.\u003cbr/\u003eGreenspan said world financial turbulence, most recently demonstrated with the sharp devaluation of Brazil's currency, continues to pose the danger of having a knock-on effect.\u003cbr/\u003eHe warned that fading growth in key U-S industrial trading partners - and especially Russia - could further depress demand for U-S exports.\u003cbr/\u003eWashington, USA - Feb 23 1999 \u003cbr/\u003e1. Federal Reserve Chairman Alan Greenspan walks in to conference\u003cbr/\u003e2. Wide view of hearing\u003cbr/\u003e3. Mid view of Greenspan speaking\u003cbr/\u003e4. SOUNDBITE: (English) Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003e5. Side view of Greenspan speaking\u003cbr/\u003e6.  SOUNDBITE: (English) Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003e7. Close-up of Greenspan\u003cbr/\u003e8. SOUNDBITE: (English) Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003e9. Wide views of Senators listening\u003cbr/\u003e10. SOUNDBITE: (English) Alan Greenspan, US Federal Reserve Chairman\u003cbr/\u003e11. 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1999\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003einflation, economy, business, prices, north america, risks, debt, light, years, monetary policy, dimensions\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' 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