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Alan greenspan: the Most Powerful Guy 阿兰·格林斯潘：世界上最有权力的人 全球金融界人士中流传着这样一句话：格林斯潘一开口，所有的投资者都得竖起耳朵，因为只有格林斯潘才是股市最大的庄家。美联储是美国的中央银行，格林斯潘自然是美国人的“掌柜”。虽然格林斯潘从来不喜欢张扬，但他所处的位置实在太敏感，这就注定了他必然要成为各种目光的中心。 With America's Midterm Elections over, and a new Commander-in-Chief about to step in soon, some Americans are a little nervous about the nation's future. But others feel secure, knowing that the man they consider the most powerful person in the world isn't going anywhere.1 Just who is this behind-the-scenes2 guy they think has more power than George W.Bush ever will? He's Alan Greenspan, a 74-year-old expert economist who heads the Federal Reserve3, commonly known as the Fed. Unlike the president, who has to please the voters and compromise with Congress,Greenspan doesn't have to answer to anyone.4 But that doesn't mean his job is easy. Basically, Greenspan is in charge of keeping the
nation's economy stable. The economy is sort of like a balloon: blow
in too much air, and it pops. But with too little air, it falls to the
floor. Greenspan helps decide when to blow more air into the economy.
In this case, the air in a balloon is the amount of money in the Another way of thinking about it is like starting a car. If you floor the gas all of a sudden, your passengers get jolted back into their seats. If you slam on the brakes, they hit the windshield, or at least get a bad case of whiplash.6 The idea is to slowly change the pace of economic growth, so no one gets hurt. And since Greenspan has his foot on the gas pedal, his every move is watched by investors around the world. Translating "Greenspan-Speak" In a speech lately, Greenspan hinted the Fed was concerned the economy might be slowing down too fast. What Greenspan actually said was that the Fed should "remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending."7 But what investors heard was: "I may lower interest rates which will make it easier for the companies you are investing in to borrow money. That means they'll expand and their stock will be worth more in the future." Within hours of Greenspan's remarks, so many investors bought stocks that the Dow Jones and the NASDAQ8 rose by three percent and 10 percent that day. The value of some companies went up by millions of dollars, just because investors had confidence in Greenspan's words. Increasing Influence But Greenspan doesn't just work magic by talking. He was educated at New York University and Columbia and appointed to his job in 1987 by President Ronald Reagan. And he's credited with9 steering the country through some difficult times sincethen, including a serious stock market crash just after he took the job. Another reason Greenspan has become almost a celebrity in America, is that more people are paying attention to the stock market than ever before. It used to be that only rich people and powerful corporations had the extra money to invest in stocks. But the U.S. economy has done so well in recent years, that more and more ordinary people are investing in stocks. Who Is Greenspan? He's a native New Yorker. His first focus was music: He attended New York's Julliard School10 and toured the country for a year in the early 1940s, playing in the Henry Jerome swing band11. If nothing else, friends believe, this experience of US travel gave him the ability to connect dispassionate economic theories with the individuals they affect. "The most outstanding thing about him is he knows the American economy ..., " says friend Herbert Stein, an economist. A swing into economics carried him straight into moderate Republican politics. He advised Richard Nixon in his 1968 campaign, and served briefly in the Bureau ofthe Budget12. Seven years later, he returned to government service, replacing Mr. Stein as chair of the Council of Economic Advisers13 in the final days of the Nixon presidency. He agreed only after being assured that Vice President Ford would keep him.In that role, he helped formulate the inflation-fighting blueprint of the 1970s that reduced inflation from 11 to 6.5 percent. Greenspan is also known for taking hot morning baths that last as long as an hour, with his in-box14 within reach. The practice began years ago to counter a bad back. That has not kept him off Washington's tennis courts, where he is a renowned competitor. "I found his intensity remarkable and his approach shot serious," says one of Greenspan's partners. Married to NBC newswoman Andrea Mitchell, Greenspan is also famous for his syntax, or rather, the way it conceals virtually anything that could be said to be an opinion.15 This is partly the result of the natural reticence of Fed officials, who understand that markets hang on their every word.16 But it is also part of Greenspan's personality. One friend remembers encountering him in an airport, after violent storms had almost shut down air traffic on the East Coast. Asked about the weather, the Fed chairman said hesitantly that it was "OK." "He couldn't even bring himself to be conclusive about the weather!" says the friend. Greenspan's Next Move After years of very high growth, the American economy is starting to slow down.Recently, corporations have been making less money and people are starting to have a harder time finding jobs. Greenspan is hoping to ease the economy into a soft landing17 ?nbsp;to make the car come to a gentle stop instead of hitting a brick wall. If he succeeds, the country will avoid two possible problems: rising prices and high unemployment. At the Fed's meeting, Greenspan and the other members decided that the economy was growing at an OK rate, but that there is a possibility of a serious slowdown. If they are worried that the whole economy is starting to sag18, they could lowerinterest rates at the next meeting in an attempt to encourage people to borrow and spend. While there's no way to know what they will
decide, one thing is certain: the decisions that Greenspan and the Federal
Reserve Board make will affect everyone who earns, borrows or spends
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