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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
ALAN GREENSPAN

Federal Reserve Initiation Market Pressure Themselves Think
The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPAN

Elegance Feel Generation Gut Important Mathematical More Old Trader Year
The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so…
ALAN GREENSPAN

Confront Expectation Frightened Lack Problem Regulation Unrealistic
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
ALAN GREENSPAN

Asset Escalate Exuberance Irrational Unduly Value
I’m a better economist than I was a sax player.
ALAN GREENSPAN

Better Economist Player
In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
ALAN GREENSPAN

Already Asset Business Caution Economy Great Lost Momentum Must Possibly Predictable Remain Spend Weakness
Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
ALAN GREENSPAN

Amount Available Cash Necessary Problem Should Solve Stress
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
ALAN GREENSPAN

Aspect Bank Change Economy Ever Give Incomplete Inevitably Knowledge Outcome Particular Sometimes Structural
We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
ALAN GREENSPAN

Benefit Cash Guarantee Like Power Purchase
The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
ALAN GREENSPAN

Country Crise Current End Financial Most Retrospect Since War Wrench
Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
ALAN GREENSPAN

Base Business Deal Fear Force Regulation Undermine
There is no evidence that the business cycle has been repealed.
ALAN GREENSPAN

Business Cycle Evidence Repeat
If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
ALAN GREENSPAN

Cold Currency Down Gold Mine Move Question Relative Together
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
ALAN GREENSPAN

Detective Economy Fact Follow Love Piece Story Together
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
ALAN GREENSPAN

Basic Communication Education Foundation Importance Learn Solid Soon Succeed
I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
ALAN GREENSPAN

Appear Corner Cut Deny Manipulate Material Succeeded

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