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Alan Greenspan: I've never seen anything like this

November 19, 2020. Summarized by summa-bot.

Alan Greenspan, former chairman of the Federal Reserve System, speaks during a Bloomberg Television interview in Washington, D.C., U.S., on Wednesday, July 24, 2019. Greenspan endorsed the idea that the U.S. central bank should be open to an insurance interest-rate cut, to counter risks to the economic outlook, even if the probability of the worst happening was relatively low. Photographer: Zach Gibson/Bloomberg via Getty Images

The incoming administration of President-elect Joe Biden has its work cut out for it, and getting the virus under control should be the number one priority, according to former Federal Reserve Chairman Alan Greenspan, a move that will help save the economy.

New York (CNN Business)The incoming administration of President-elect Joe Biden has its work cut out for it, and getting the virus under control should be the number one priority, according to former Federal Reserve Chairman Alan Greenspan, a move that will help save the economy.

"I've never seen a particular situation during my professional experience anything like this," the 94-year-old Greenspan told CNN's Julia Chatterley on her show First Move on Thursday.

Greenspan headed the Fed from 1987 to 2006, the second-longest tenure in that role.

Trying to forecast where the virus is going at this stage is little more than a guess, Greenspan said.

It might be possible to get back to normal by next spring, he added, but only if the virus's spread is controlled and stays that way.

Current Fed Chairman Jerome Powell has repeatedly said that the economy will fully recover only when the Covid-19 pandemic is under control.

This must change, Greenspan and many economists agree.

"I think Pelosi has a particular set of ideas to confront the problems right now in front [that] seem quite credible to me," the former central banker said.

As long as there is general agreement that something needs to get done, passing a new stimulus package should be easy, Greenspan said.

"I'm not convinced at all that we have enough information to know how to deal with this type of problem," Greenspan said, adding that there could be unintended consequences for society.

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