Political Quotes

“today marks the end of one of the most outstanding public service careers in this country's history. Today, Dr. Alan Greenspan steps down as Chairman of the Board of Governors of the Federal Reserve System. These last 18 years many accolades have been showered on Chairman Greenspan's leadership in steering monetary policy--a period that included some very difficult waters. But I think the true strength of his leadership can be measured by the numbers. The Chairman, I understand, devours statistics in helping to make sound decisions. And the measurable results have been impressive. Since being appointed to the chairmanship--first by President Reagan in August 1987, and then, later, by Presidents George Bush, Bill Clinton, and George W. Bush--U.S. economic growth has averaged 3 percent per year. The annual rate of increase in consumer prices has similarly averaged a low 3 percent annually. If price stability is the key responsibility of our independent Federal Reserve System, one can only conclude that Chairman Greenspan's leadership has been extraordinarily successful. Meanwhile, the number of payroll jobs in America has grown from 102 million when he took on the chairmanship to nearly 135 million today. The unemployment rate has averaged slightly more than a low 5\1/2\ percent. But Chairman Greenspan has been more than an outstanding captain of the economic seas. He has been a shrewd analyst and forecaster, shaping the economic future.…”