Greenspan Cautions on Baby Boomer Benefits
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JACKSON, Wyo. - Federal Reserve Chairman Alan Greenspan said Friday the country will face "abrupt and painful" choices unless Congress acts quickly to trim Social Security and Medicare benefits for the baby boom generation...
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Federal Reserve chairman Ben Bernanke said yesterday that the burden from retiring baby boomers will strain the nation's budget and economy, unless Social Security and Medicare are revamped.
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Former Federal Reserve chief Alan Greenspan said on Monday there is an increased risk of a recession but cautioned that the Fed must still be on guard for a rise in inflation.
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Federal Reserve Chairman Alan  Greenspan on Friday said he was very worried Congress would try  to thwart efforts by the Financial Accounting Standards Board  to require expensing of stock options.
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U.S. Federal Reserve Chairman Alan  Greenspan said on Tuesday that he did not foresee big price  distortions developing in home prices and said Americans were  handling their debts well.
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Federal Reserve Chairman Alan Greenspan yesterday urged the federal government to reduce its budget deficit and to encourage greater personal saving, warning that foreign investors will not
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Federal Reserve Chairman Alan Greenspan on Friday urged Washington policymakers to consider reducing future Social Security and Medicare benefits.
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The impact of the current surgein oil prices, though noticeable, is likely to prove less consequential to economic growth and inflation than in the 1970s, US Federal Reserve Chairman Alan Greenspan said Friday.
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Former Federal Reserve Chairman Alan Greenspan said on Thursday the Fed's decision to cut interest rates this week had lowered the risk of a U.S. recession, although chances were still above one in three.
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Federal Reserve chairman Alan Greenspan warns that prompt action is needed to fund pensions for the ageing US population.
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JACKSON HOLE, Wyo.  - An aging U.S. population  will strain public finances and hurt the economy without swift  fixes to the social safety net, such as raising the age for  full retirement benefits, Federal Reserve Chairman Alan  Greenspan said on Friday.
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During the 18 1/2 years Alan Greenspan was chairman of the Federal Reserve, he scrupulously avoided forecasting recessions. Now it seems he can't stop using the R word, and that has created headaches for his successor, Ben Bernanke.
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Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.
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Former U.S. Federal Reserve Chairman Alan Greenspan said on Wednesday he feared a "dramatic contraction" in Chinese stocks but said the global economy may be able to shrug off a drop in asset prices.
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(InfoWorld) - Former Federal Reserve chairman Alan Greenspan is hitting the airwaves promoting his new book, but his comments in recent interviews about the possibility of a recession might be scarier to IT folks than anything in the new tome. Greenspan, who has become a Federal Reserve chairman emeritus of sorts, might be more objective now that he is out of his federal role. He told the Wall Street Journal yesterday that he thought the probability of a recession is "slightly more than a third," up from merely a third, as he put it earlier this year. For IT professionals and CEOs of major software and hardware vendors, the prospect of a recession any time soon is downright daunting, given that memories of the 2001-2002 dot-com bust are still fresh. If housing price declines and the troubles with home mortgage lenders precipitate a longer economic downturn in the next year, the effect could roughly halve the 12-year cycle many economists track for upturns and downturns, some observers noted yesterday. "I'm certainly concerned with the housing downturn," said IT market analyst Jason Sajko, who studies government spending on IT for consulting firm Input. "But I don't see that creating something like what we felt in 2001 and 2002 so soon after then. I don't think we'll see an impact of that magnitude." Sajko and Input do frequent analysis of federal, state, and local spending on IT products and services. A month ago, Input said it was still projecting strong growth in state and local government spending in the United States on IT products and services into 2012, increasing from $43.9 billion in 2007 to $67.2 billion in 2012. That analysis was able to track the impact of the general economy, including the news in the last six months over housing market problems. In a small update to that analysis yesterday, Sajko said that state and local governments are also beginning to use a new catalog of IT vendors and prices called Schedule 70 provided by the U.S. General Services Administration. The GSA provides the catalog as a resource to thousands of state and local IT purchasing managers, Sajko explained. For Schedule 70, growth in IT spending among local and state governments will increase nearly 25 percent a year to 2012, exceeding $1 billion. While $1 billion is a small portion of the total spending in that category, it shows primarily a shift in the way spending will be done, not so much the overall level of spending related to the larger IT economy, Sajko said. Still, state and local spending on IT can be seen as a "more stable" area for IT spending in coming years than others, Sajko said. Several CEOs in recent days have said in interviews with Computerworld that they are carefully watching the direction of the general economy. They said they learned from the dot-com bust to adapt their products to the most successful market segments in order to weather downturns. For example, Maria Ligeti, CEO of startup React Systems in Roseville, Calif., said yesterday she has profited from observing the IT industry's upturns and downturns in Silicon Valley for more than 20 years while working in various roles. A new product and service her company is launching soon in emergency communications will be marketed to several vertical industry segments. She said the offerings have been fostered over several months by early adopters, she said. "We think we'll be somewhat immune" if there's a downturn, she said with confidence.
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This year's surge in energy prices is likely to have far less of an impact than the oil shocks of the 1970s, Fed Chairman Alan Greenspan said today.
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The world will be living with volatile oil prices for years to come, but this year's price spike should not be serious enough to push the country into a recession, Federal Reserve Chairman Alan Greenspan said Friday.