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How the Fed Learned to Love Technology

机译:美联储如何学习热爱技术

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When alan greenspan retires in January, after eighteen and a half years as chairman of the Federal Reserve Board, he will have served longer than any previous occupant save William McChesney Martin Jr., who held the job for nearly 19 years. A lot happened during the Greenspan era—two wars in the Persian Gulf, various currency crises, three stock market meltdowns—but no topic interested him as much as the revolution in information technology. Greenspan will ever be associated with the bubble in high-tech stocks—first for warning, in 1996, that investors might be succumbing to "irrational exuberance," and later, after stock prices had soared and investors truly had succumbed, for presiding over the collapse. Greenspan's critics tend to focus on his enthusiasm for Silicon Valley before the crash; his defenders point out that, after all, the stock market has begun to recover. Both points are somewhat tangential to his real legacy. Greenspan's primary interest was never the precise level of tech-stock prices: it was how the computer was transforming American society.
机译:艾伦·格林斯潘(Alan Greenspan)在担任美联储主席18年半后,于1月退休,他的任职时间将比任职近19年的威廉·麦卡斯尼·马丁(William McChesney Martin Jr.)任职者更长。在格林斯潘时代发生了很多事情,两次波斯湾战争,各种货币危机,三次股市崩溃,但没有一个话题像信息技术革命那样使他感兴趣。格林斯潘将永远与高科技股泡沫有关。首先是在1996年发出警告,警告投资者可能屈服于“非理性繁荣”,然后在股价飙升且投资者真正屈服之后,主持了高科技股票泡沫。坍方。格林斯潘的批评家倾向于把注意力集中在崩溃前他对硅谷的热情上。他的辩护者指出,毕竟股市已经开始复苏。这两点都与他的真实遗产相切。格林斯潘的主要兴趣从来都不是技术股票价格的精确水平:这是计算机如何改变美国社会。

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