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The
nation's leading financial regulators and a who's-who of high-tech
and Internet e-moguls converged at Boston College on Monday,
March 6 for a summit on "The New Economy," with Federal Reserve
Chairman Alan Greenspan delivering the main address to an
audience of approximately 1,800 at Conte Forum.
Greenspan,
noting the technology revolution's enormous impact on the
US economy, warned of potentially inflationary effects as
demand for goods and services outstrips supply in a boom market.
"Until market forces, assisted by a vigilant Federal Reserve,
effect the necessary alignment of the growth of aggregate
demand with the growth of potential aggregate supply," Greenspan
said, "the full benefits of innovative productivity acceleration
are at risk of being undermined by financial and economic
instability."
Other
keynote speakers included US Treasury Secretary Lawrence H.
Summers, Securities and Exchange Commission Chairman Arthur
Levitt and IBM Corp. Chairman and CEO Louis V. Gerstner Jr.
The conference also featured animated panel discussions involving
some of the foremost barons of the New Economy, including
National Association of Securities Dealers Inc. Chairman and
CEO Frank G. Zarb; Internet financier David Wetherell, the
chairman, president and CEO of CMGI; Desh Deshpande, co-founder
and chairman of the skyrocketing Sycamore Networks; Monster.com
founder and CEO Jeff Taylor, and Lycos Inc. President and
CEO Robert J. Davis.
Congressman
Edward J. Markey (D-Mass.), '68, JD '72 and Boston College
Senior Vice President James P. McIntyre were instrumental
in gathering the galaxy of financial movers and shakers at
the conference, which was co-hosted by Markey and the Carroll
School of Management. University President William P. Leahy,
SJ - who offered welcoming and closing remarks to the audience
- served with Markey as honorary co- chairman of the event.
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