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March 31, 2007: Former Fed Foreman Fears Future
Fiscal Facade
On March 15, 2007, former
Federal Reserve Chairman Alan Greenspan spoke at a Futures
Industry Association conference in Boca Raton. This
bulletin was compiled from wire reports but, at some future
date, a complete transcript of Mr. Greenspan's remarks
should be made available at the FIA website. Link:
www.futuresindustry.org
Greenspan repeated a warning
about the massive strain on the U.S. budget and the economy
in the future from the looming retirement of nearly 80
million baby boomers, who will draw benefits from Social
Security and Medicare.
He called the pending
retirements "one of the seminal events in the first part of
the 21st century in the United States."
(Seminal: containing or
contributing the seeds of later development - Webster's)
Greenspan said as medical
technologies advance, costs for services and medicine also
will change.
"There is a significant
probability that under existing law, that we have
overpromised what will be available to Medicare
recipients," he said (emphasis mine).
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October 3, 2006: Four Feds Forecast Foremost Future Fears
Because of
its critical importance in understanding the significant fiscal
issues facing the United States, reprinted below is a partial transcript of a panel discussion last
week featuring four of the nation's foremost federal reserve
bankers, current and retired. See, in particular,
answers to questions highlighted in
blue. Thanks to Doug Noland's
09/29/2006 Credit Bubble Bulletin at PrudentBear.com.
Link:
www.prudentbear.com
The Women’s
Economic Round Table sponsored a panel discussion Tuesday in
New York that featured New York Federal Reserve Bank
President Timothy Geithner, former NY Fed President and FOMC
Chairman Paul Volcker, former NY Fed chief and FOMC
vice-chairman Gerald Corrigan, and former NY Fed President
William McDonough. The discussion of monetary policymaking
amongst some of our most seasoned central bankers ran the
gamut from inflation, to asset bubbles, to communications,
to LTCM and supervision. I have extracted quotes from what
I found to be (transcribing from a recording) an interesting
and, at times, enlightening 90 minute discussion.
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