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 economy. Greenspan can make the economy grow by increasing the money supply, or keep the economy from inflating too much by decreasing the money supply.5 His goal is for the economy to grow and contract gradually. Rapid changes can harm businesses and consumers.

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 money.

1．而另外一些人却很放心，因为知道他们认为的世界上最有权力的那个人还会在。

2．behind-the-scenes：<喻>幕后的，秘密的。

3．Federal Reserve：即 Fed，联邦储备委员会。它是联邦储备系统的最高权力机关，也是政府的金融管理机构。其基本任务是制定和决策全国的货币政策，控制货币供应和信贷，并对商业银行的活动和联邦储备银行的业务实施广泛的监督和管理，建立于1913年。

4．不像总统还得取悦选民和向议会妥协，格林斯潘无须听命于任何人。

5．格林斯潘可以通过增加货币供给而促进经济发展，也可以通过减少货币供给而防止经济出现通货膨胀。

6．如果你突然猛踩油门，乘客会被颠回座位上，如果你突然刹车，他们会撞到挡风玻璃上，或至少会扭着脖子。floor:v.踩足（油门踏板）；whiplash: 颈椎过度屈伸损伤。

7．金融市场上的极度谨慎和资产的贬值也许暗示着或可能促发家庭与商业消费的过度疲软，对这一点要密切注意。

8．道－琼斯工业平均指数和纳斯达克综合指数，是美国股市最具代表意义的市场指数，也是美国经济最敏感的神经。道－琼斯工业平均指数（DJIA）是美国纽约证券交易所指数，于1896年5月26日问世，一直由道－琼斯公司编制，并由该公司出版的《华尔街日报》发表。道－琼斯指数是美国经济百余年历史的见证，尽管它也在发生着重大变化，但人们通常仍把它视为美国传统经济的象征。纳斯达克（NASDAQ）全名为全国证券交易商协会自动报价系统，1971年问世。它通过计算机网络将全国证券经纪商组织在一起，及时准确地向其提供场外交易行情。纳斯达克综合指数包括4600多种股票，主要由美国的数百家发展最快的先进技术、电信和生物公司组成，包括微软、英特尔、美国在线、雅虎这些家喻户晓的高科技公司，因而成为美国“新经济”的代名词。

9．credit... with：认为……有某种优点或成就等。

10．茱丽亚音乐学院， 位于纽约。

11．亨利·季罗姆摇摆乐队，格林斯潘负责吹奏萨克斯、单簧管或长笛。

12．Bureau of the Budget：美国预算局，由总统直辖，后改名为总统管理预算局。

13．Council of Economic Advisers：白宫经济顾问委员会。

14．in-box：=in basket，（办公室里存放待处理的来函及来文等的）收文篮。

15．格林斯潘还以其句法闻名，确切地说，是那种掩盖了几乎一切能被称为观点的句法。syntax：句法，句子结构（分析）。

16．这一半是由于“联储”官员沉默寡言的天性，他们谙知自己的每一句话都可左右市场。

17．soft landing：［经］软着陆。软性滑坡（指不引起衰退和高失业率的经济增长率缓慢滑坡）。

18．sag ：下跌，萧条，衰退。