Mr Greenspan discusses technology and the US economy  Remarks by Mr Alan Greenspan, Chairman of the Board of Governors of the US Federal Reserve System, before the Economic Club of New York, New York, on 13 January 2000. *  *  *  We are within weeks of establishing a record for the longest economic expansion in this nation’s history.
Excess liquidity provided by the central bank is one of the main factors responsible for the development of inappropriately lax lending standards. Credit growth, which is excessive in view of realistic return expectations, is often the foundation for financial instability. Hence, monetary policy focused on price stability plays an important role in ensuring stable financial markets. 4.