Results tagged “alangreenspan”

Former Federal Reserve Chairman Alan Greenspan gave his predictions on the economy and unemployment: He thinks the economy will grow 3% in the third quarter (which is more than he previously thought)—and that unemployment will break through 10% and be there for a while.

Former Federal Reserve chairman Alan Greenspan said today that he was wrong to think, as AP puts it, "free markets could regulate themselves without government oversight." Greenspan was testifying in front of the House Committee of Government Oversight, when he declared, "I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms," and said his free-market ideology was flawed-- "I don’t know how significant or permanent it is. But I have been very distressed by that fact... I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.”

With the passing of 38th President Gerald Ford, many are examining how a fateful Daily News affected the New York City's economic recovery in the 1970s and Ford's own re-election hopes.