Derivatives have permitted the unbundling of financial risks.
ALAN GREENSPANCash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
More Alan Greenspan Quotes
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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But rules cannot substitute for character.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today or anything anybody else was talking about.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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The tub helps me relax, and it’s a great place to read.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
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History cannot be reduced to a set of statistics and probabilities.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN