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CNN Live At Daybreak

Greenspan at School

Aired June 06, 2003 - 06:42   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now though. Some school children got a personal finance lesson from the most powerful man in the business world, Fed Chairman Alan Greenspan.
Let's find out what they learned from Susan Lisovicz in New York.

I can't imagine him teaching a class, because, although he's a brilliant man, holding children's attention might be difficult for him.

SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: And you know according to the press, the reports that we've seen, it was wrapped attention. They were listening to every word. So maybe he has a future as a teacher as well.

But in any case, Carol, you know it was a rare glimpse into the softer side of Alan Greenspan. The chairman of the Federal Reserve has often been called the second most powerful man in the world. Yesterday, he ventured out from his offices to speak to students at a middle school in Washington, D.C. He told them it's OK to make mistakes, it's not OK not to try.

Let's listen in what he had to say.

(BEGIN VIDEO CLIP)

ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN: Nobody who has ever succeeded has ever gotten it 100 percent right. In fact, there's something wrong with doing things 100 percent right, because it means that you must, by definition, know everything. And if you never make a mistake, you've never learned anything so you're stagnant and you just deteriorate.

(END VIDEO CLIP)

LISOVICZ: The chairman also showing some humility. Actually, you know very serious message there for the kids really to teach kids about the importance of banking and credit and the use of money. And it's interesting to note that one of the kids, Carol, 14-year-old, slyly asked the chairman whether the next time Mr. Greenspan was on TV whether interest rates would be higher or lower. And the Fed chairman said yes. He's very good at evading that question. We ask it all the time.

COSTELLO: Good for them for asking though. He was pretty -- he had a good warm-up act, though, Alan Greenspan did. LISOVICZ: Yes, he sure did, yes.

COSTELLO: Yes, whoever that guy was before him was good. He was very good.

Want to ask you about Martha Stewart, because her -- she has a new Web site and I guess a lot of people have been logging on.

LISOVICZ: A lot of people have been logging on. And you know it's a good thing in terms of the design of this new Web site, MarthaTalks.com. We told you about it yesterday. Martha Stewart, known for being a micromanager, well she helped to design it herself. She selected the colors. No ordinary greens or blues.

COSTELLO: Of course.

LISOVICZ: It's Granny Smith Green and Robin's Egg Blue. According to a spokesperson, by yesterday at 5:00 p.m. Eastern Time, the Web site had logged 1.5 million hits and 12,000 e-mails. She says she has not been able to read them all, but really appreciates the support.

COSTELLO: Well that's nice for Martha Stewart.

LISOVICZ: Yes.

COSTELLO: Of course we're assuming all of those, you know, all the people who logged...

LISOVICZ: E-mails were supportive.

COSTELLO: Exactly. I'm sure a lot of them were.

Susan Lisovicz, live from New York, many thanks.

LISOVICZ: My pleasure. Have a great weekend.

COSTELLO: You too.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired June 6, 2003 - 06:42   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now though. Some school children got a personal finance lesson from the most powerful man in the business world, Fed Chairman Alan Greenspan.
Let's find out what they learned from Susan Lisovicz in New York.

I can't imagine him teaching a class, because, although he's a brilliant man, holding children's attention might be difficult for him.

SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: And you know according to the press, the reports that we've seen, it was wrapped attention. They were listening to every word. So maybe he has a future as a teacher as well.

But in any case, Carol, you know it was a rare glimpse into the softer side of Alan Greenspan. The chairman of the Federal Reserve has often been called the second most powerful man in the world. Yesterday, he ventured out from his offices to speak to students at a middle school in Washington, D.C. He told them it's OK to make mistakes, it's not OK not to try.

Let's listen in what he had to say.

(BEGIN VIDEO CLIP)

ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN: Nobody who has ever succeeded has ever gotten it 100 percent right. In fact, there's something wrong with doing things 100 percent right, because it means that you must, by definition, know everything. And if you never make a mistake, you've never learned anything so you're stagnant and you just deteriorate.

(END VIDEO CLIP)

LISOVICZ: The chairman also showing some humility. Actually, you know very serious message there for the kids really to teach kids about the importance of banking and credit and the use of money. And it's interesting to note that one of the kids, Carol, 14-year-old, slyly asked the chairman whether the next time Mr. Greenspan was on TV whether interest rates would be higher or lower. And the Fed chairman said yes. He's very good at evading that question. We ask it all the time.

COSTELLO: Good for them for asking though. He was pretty -- he had a good warm-up act, though, Alan Greenspan did. LISOVICZ: Yes, he sure did, yes.

COSTELLO: Yes, whoever that guy was before him was good. He was very good.

Want to ask you about Martha Stewart, because her -- she has a new Web site and I guess a lot of people have been logging on.

LISOVICZ: A lot of people have been logging on. And you know it's a good thing in terms of the design of this new Web site, MarthaTalks.com. We told you about it yesterday. Martha Stewart, known for being a micromanager, well she helped to design it herself. She selected the colors. No ordinary greens or blues.

COSTELLO: Of course.

LISOVICZ: It's Granny Smith Green and Robin's Egg Blue. According to a spokesperson, by yesterday at 5:00 p.m. Eastern Time, the Web site had logged 1.5 million hits and 12,000 e-mails. She says she has not been able to read them all, but really appreciates the support.

COSTELLO: Well that's nice for Martha Stewart.

LISOVICZ: Yes.

COSTELLO: Of course we're assuming all of those, you know, all the people who logged...

LISOVICZ: E-mails were supportive.

COSTELLO: Exactly. I'm sure a lot of them were.

Susan Lisovicz, live from New York, many thanks.

LISOVICZ: My pleasure. Have a great weekend.

COSTELLO: You too.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com