Board-Ansicht
Mix-Ansicht- Greenspan-Rede, Teil 2 - Arroganz oder Trug? - Ghandi, 31.08.2001, 21:35
- Re: G.-Rede,Teil 2-Arroganz oder Trug? Super! Danke! Weiter SO! (owT) - Jagg, 31.08.2001, 22:05
- Re: Das Kind liegt schon im Brunnen... - dottore, 01.09.2001, 13:47
- Re: Das Kind liegt schon im Brunnen... / aber noch komfortabel über Wasser... - JÃœKÃœ, 01.09.2001, 14:15
Greenspan-Rede, Teil 2 - Arroganz oder Trug?
Nachfolgend ein Artikel aus der NY Times, aus
dem mir ein Absatz bemerkenswert erscheint:
Readers for whom that passage (gemeint ist eine Passage aus Greenys Rede) was
not immediately decipherable should not be dismayed. After all, the chairman
told Congress a few years ago: "I know you believe you understand what you
think I said, but I am not sure you realize that what you heard is not what I
meant."
Den Satz"I am not sure you realize that what you heard is not what I meant"
mußte ich mehrmals lesen und bin mir im Urteil dennoch nicht ganz sicher.
Entweder, er hält seine Zuhörer (immerhin Kongress-Abgeordnete) für zu doof, um
seine hochtrabenden Gedanken verstehen zu können - oder, er redet ABSICHTLICH so verklausuliert, DAMIT sie ihm nicht folgen KÃ-NNEN.
Hier der ganze Text:
----
Greenspan Says Market Swings Pose Challenge to the Fed
By DAVID STOUT
ASHINGTON, Aug. 31 — This may be the information age, but policymakers do not have all the information they need to make good decisions about monetary matters, Federal Reserve Chairman Alan Greenspan said today.
Addressing the Fed's annual retreat at Jackson Hole, Wyo., Mr. Greenspan opened with characteristic understatement:"The rapid technological innovation that spurred the advancement of the `information economy' has resulted in some dramatic capital gains and losses in equity markets in recent years."
In other words, a lot of people made money in stocks in the high-flying late 1990's, then lost a lot of money, especially when the dot-com bubble burst.
The big challenge for policymakers, the chairman said, was better understanding how gains or losses in the stock market and the value of homes affect the willingness of consumers to spend money.
"There can be little doubt that sizable swings in the market values of business and household assets have created important challenges for policymakers," Mr. Greenspan said.
Mr. Greenspan, of course, is one of the most important policymakers. What he decides about interest rates has enormous impact on Wall Street, Main Street and points in between. The Fed has cut interest rates seven times this year in an attempt to stave off recession, but he gave no hint today what it would do next.
The chairman noted that, while the stock market has been volatile in recent months, home prices have not. In fact, despite the evaporation of some dot-com fortunes and other bad news, they have been going up, in some places at a rate that seems to contradict the impression that the overall economy is shaky.
People have been using the built-up equity in their homes to spend in a variety of ways, as Mr. Greenspan noted. That spending has helped the country avoid recession, since consumer spending accounts for two-thirds of all economic activity.
"We need far more information than we currently possess about the nature and the sources of capital gains and the interaction of these gains with credit markets and consumer behavior," Mr. Greenspan said. (His entire speech can be read on the Fed's Web site: www.federalreserve.gov.)
Well aware that an off-hand comment by him can cause the financial markets to go up or down within minutes, the chairman has developed a speaking style full of qualifiers, caveats and occasional obfuscation.
He was true to form today:"Although our asset-class analysis of detailed disaggregated data is still at an early stage, preliminary examination finds that the data are consistent with the hypothesis of differential spending propensities by asset type and by whether or not capital gains have been realized."
Readers for whom that passage was not immediately decipherable should not be dismayed. After all, the chairman told Congress a few years ago:"I know you believe you understand what you think I said, but I am not sure you realize that what you heard is not what I meant."
At the close of his address today, Mr. Greenspan lapsed into clarity."Accounting systems are not ends in themselves," he said."We construct them because they have a function in aiding our understanding of some particular aspect of a business operation at a company level or for an economy as a whole..."
"New accounting systems may be required to supplement those that have long served us so well. Technology has facilitated the production of information at a far faster rate than at any time in the past. But in the information economy, it remains up to us to organize and use that information in ways that improve the quality of decision-making."
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