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Federal Reserve Chairman Alan Greenspan said Friday that Fed policy-makers could not have deflated the stock market bubble that emerged in the late 1990s without raising interest rates to such high levels that it would have pushed the United States into a severe recession.Greenspan used an address to an annual Fed economic symposium to defend the central bank against critics who have contended that the failure to deflate the high-flying stock market in the late 1990s was a major policy error.Greenspan, who famously warned in December 1996 that investors could be in the grips of irrational exuberance, said it was very difficult for policy-ma
stanley us kers to know when a stock market bubble was developing.And he said even if the Fed felt it should substitute its judgment for the actions of millions of investors, it would be very hard for the central bank to curb stock market euphoria. The notion that a well-timed incremental tig
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stanley cup enspan said. To support that view, Greenspan cited previous instances when the Fed raised interest rates by more than 3 percentage points in the late 1980s and mid-1990s but stock prices, after initially retreating, resumed their upward advance.He said that to have the impact of deflating an unjustified rise in stock prices, the Fed would have had to push rates up by such large amounts that it would almost inevitably trigger an economic recession, the ver Fere U.S. Dad Gets Girls Back From Georgia
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