周固考研辅导讲义
<p> <span word="Part">Part</span> <span word="A">A</span></p><p> <span word="Passage">Passage</span> 1</p><p> <span word="For">For</span> <span word="all">all</span> <span word="his">his</span> <span word="vaunted">vaunted</span> <span word="talents">talents</span>, <span word="Federal">Federal</span> <span word="Reserve">Reserve</span> <span word="Chairman">Chairman</span> <span word="Alan">Alan</span> <span word="Greenspan">Greenspan</span> <span word="has">has</span> <span word="never">never</span> <span word="had">had</span> <span word="much">much</span> <span word="of">of</span> <span word="a">a</span> <span word="reputation">reputation</span> <span word="as">as</span> <span word="an">an</span> <span word="economic">economic</span> <span word="forecaster">forecaster</span>. <span word="In">In</span> <span word="fact">fact</span>, <span word="he">he</span> <span word="shies">shies</span> <span word="away">away</span> <span word="from">from</span> <span word="making">making</span> <span word="the">the</span> <span word="precise">precise</span> <span word="to">to</span>-<span word="the">the</span>-<span word="decimal">decimal</span>-<span word="point">point</span> <span word="predictions">predictions</span> <span word="that">that</span> <span word="many">many</span> <span word="other">other</span> <span word="economists">economists</span> <span word="thrive">thrive</span> <span word="on">on</span>. <span word="Instead">Instead</span>, <span word="he">he</span> <span word="owes">owes</span> <span word="his">his</span> <span word="success">success</span> <span word="as">as</span> <span word="a">a</span> <span word="monetary">monetary</span> <span word="policymaker">policymaker</span> <span word="to">to</span> <span word="his">his</span> <span word="ability">ability</span> <span word="to">to</span> <span word="sniff">sniff</span> <span word="out">out</span> <span word="threats">threats</span> <span word="to">to</span> <span word="the">the</span> <span word="economy">economy</span> <span word="and">and</span> <span word="manipulate">manipulate</span> <span word="interest">interest</span> <span word="rates">rates</span> <span word="to">to</span> <span word="dampen">dampen</span> <span word="the">the</span> <span word="dangers">dangers</span> <span word="he">he</span> <span word="perceives">perceives</span>.</p><p> <span word="Now">Now</span>, <span word="those">those</span> <span word="instincts">instincts</span> <span word="are">are</span> <span word="being">being</span> <span word="put">put</span> <span word="to">to</span> <span word="the">the</span> <span word="test">test</span>. <span word="Many">Many</span> <span word="Fed">Fed</span> <span word="watchers">watchers</span> -- <span word="and">and</span> <span word="some">some</span> <span word="policymakers">policymakers</span> <span word="inside">inside</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="itself">itself</span> -- <span word="are">are</span> <span word="beginning">beginning</span> <span word="to">to</span> <span word="wonder">wonder</span> <span word="whether">whether</span> <span word="Greenspan">Greenspan</span> <span word="has">has</span> <span word="lost">lost</span> <span word="his">his</span> <span word="touch">touch</span>. <span word="Despite">Despite</span> <span word="rising">rising</span> <span word="risks">risks</span> <span word="to">to</span> <span word="the">the</span> <span word="economy">economy</span> <span word="from">from</span> <span word="a">a</span> <span word="swooning">swooning</span> <span word="stock">stock</span> <span word="market">market</span> <span word="and">and</span> <span word="soaring">soaring</span> <span word="oil">oil</span> <span word="prices">prices</span> <span word="that">that</span> <span word="could">could</span> <span word="hamper">hamper</span> <span word="growth">growth</span>, <span word="the">the</span> <span word="Greenspan">Greenspan</span>-<span word="led">led</span> <span word="Federal">Federal</span> <span word="Open">Open</span> <span word="Market">Market</span> <span word="Committee">Committee</span> <span word="opted">opted</span> <span word="to">to</span> <span word="leave">leave</span> <span word="interest">interest</span> <span word="rates">rates</span> <span word="unchanged">unchanged</span> <span word="on">on</span> <span word="Sept">Sept</span>. 24. <span word="But">But</span> <span word="in">in</span> <span word="a">a</span> <span word="rare">rare</span> <span word="dissent">dissent</span>, <span word="two">two</span> <span word="of">of</span> <span word="the">the</span> <span word="Feds">Feds</span> 12 <span word="policymakers">policymakers</span> <span word="broke">broke</span> <span word="ranks">ranks</span> <span word="and">and</span> <span word="voted">voted</span> <span word="for">for</span> <span word="a">a</span> <span word="cut">cut</span> <span word="in">in</span> <span word="rates">rates</span> -- <span word="Dallas">Dallas</span> <span word="Fed">Fed</span> <span word="President">President</span> <span word="Robert">Robert</span> <span word="D">D</span>. <span word="McTeer">McTeer</span> <span word="Jr">Jr</span>. <span word="and">and</span> <span word="central">central</span> <span word="bank">bank</span> <span word="Governor">Governor</span> <span word="Edward">Edward</span> <span word="M">M</span>. <span word="Gramlich">Gramlich</span>.</p><p> <span word="The">The</span> <span word="move">move</span> <span word="by">by</span> <span word="McTeer">McTeer</span>, <span word="the">the</span> <span word="Feds">Feds</span> <span word="self">self</span>-<span word="styled">styled</span> <span word="Lonesome">Lonesome</span> <span word="Dove">Dove</span>, <span word="was">was</span> <span word="no">no</span> <span word="surprise">surprise</span>. <span word="But">But</span> <span word="Gramlichs">Gramlichs</span> <span word="was">was</span>. <span word="This">This</span> <span word="was">was</span> <span word="the">the</span> <span word="first">first</span> <span word="time">time</span> <span word="that">that</span> <span word="the">the</span> <span word="monetary">monetary</span> <span word="moderate">moderate</span> <span word="had">had</span> <span word="voted">voted</span> <span word="against">against</span> <span word="the">the</span> <span word="chairman">chairman</span> <span word="since">since</span> <span word="joining">joining</span> <span word="the">the</span> <span word="Feds">Feds</span> <span word="board">board</span> <span word="in">in</span> 1997. <span word="And">And</span> <span word="it">it</span> <span word="was">was</span> <span word="the">the</span> <span word="first">first</span> <span word="public">public</span> <span word="dissent">dissent</span> <span word="by">by</span> <span word="a">a</span> <span word="governor">governor</span> <span word="since">since</span> 1995.</p><p> <span word="Despite">Despite</span> <span word="the">the</span> <span word="split">split</span> <span word="vote">vote</span>, <span word="its">its</span> <span word="too">too</span> <span word="soon">soon</span> <span word="to">to</span> <span word="count">count</span> <span word="the">the</span> <span word="maestro">maestro</span> <span word="of">of</span> <span word="monetary">monetary</span> <span word="policy">policy</span> <span word="out">out</span>. <span word="Greenspan">Greenspan</span> <span word="had">had</span> <span word="good">good</span> <span word="reasons">reasons</span> <span word="for">for</span> <span word="not">not</span> <span word="cutting">cutting</span> <span word="interest">interest</span> <span word="rates">rates</span> <span word="now">now</span>. <span word="And">And</span> <span word="by">by</span> <span word="acknowledging">acknowledging</span> <span word="in">in</span> <span word="the">the</span> <span word="statement">statement</span> <span word="issued">issued</span> <span word="after">after</span> <span word="the">the</span> <span word="meeting">meeting</span> <span word="that">that</span> <span word="the">the</span> <span word="economy">economy</span> <span word="does">does</span> <span word="indeed">indeed</span> <span word="face">face</span> <span word="risks">risks</span>, <span word="Greenspan">Greenspan</span> <span word="left">left</span> <span word="the">the</span> <span word="door">door</span> <span word="wide">wide</span> <span word="open">open</span> <span word="to">to</span> <span word="a">a</span> <span word="rate">rate</span> <span word="reduction">reduction</span> <span word="in">in</span> <span word="the">the</span> <span word="future">future</span>. <span word="Indeed">Indeed</span>, <span word="former">former</span> <span word="Fed">Fed</span> <span word="Governor">Governor</span> <span word="Lyle">Lyle</span> <span word="Gramley">Gramley</span> <span word="thinks">thinks</span> <span word="chances">chances</span> <span word="are">are</span> <span word="good">good</span> <span word="that">that</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="might">might</span> <span word="even">even</span> <span word="cut">cut</span> <span word="rates">rates</span> <span word="before">before</span> <span word="its">its</span> <span word="next">next</span> <span word="scheduled">scheduled</span> <span word="meeting">meeting</span> <span word="on">on</span> <span word="Nov">Nov</span>. 6, <span word="the">the</span> <span word="day">day</span> <span word="after">after</span> <span word="congressional">congressional</span> <span word="elections">elections</span>.</p>
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