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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

Alan Greenspan

What an ideology is is a conceptual framework with the way people deal with reality.
ALAN GREENSPAN

Conceptual Del Framework Ideology People Reality
The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
ALAN GREENSPAN

Failure Finance Leverage Nature Significantly Unless Very
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.
ALAN GREENSPAN

Amateur Average Band Big Fade Fairy Good Musician Professional
If you think you understand what I am saying you do not understand what I am saying.
ALAN GREENSPAN

Say Think Understand
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
ALAN GREENSPAN

Derivative Extraordinary Marketplace Over Useful Year
Skilled shortages in America exist because we are shielding our skilled labor force from world competition. [Visa quotas] have been substituted for the wage pricing mechanism.
ALAN GREENSPAN

Competition Country Force Shied Shortage Skill
Any informed borrower is simply less vulnerable to fraud and abuse.
ALAN GREENSPAN

Abuse Borrower Fraud Inform Less Simply Vulnerable
There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
ALAN GREENSPAN

Context Mean Price Psychology Thermometer Underlying
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 have long argued that paying down the national debt is beneficial for the economy.
ALAN GREENSPAN

Beneficial Debt Down Economy Long National Pay
I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
ALAN GREENSPAN

Adherence Business Deal Gain Honest Honesty Satisfaction Strict Success
Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
ALAN GREENSPAN

Central Cloud Country Number Outlook Projection Tendency Uncertain
The tub helps me relax, and it’s a great place to read.
ALAN GREENSPAN

Great Help Place Read Tub
The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
ALAN GREENSPAN

Better Change Come Credit Difficult Economy Extend Find Firm Lag Need Number Small Turn
The process of innovation is, of course, never ending.
ALAN GREENSPAN

Course Ending Innovation never Process
The guiding purpose of the government regulator is to prevent rather than to create something.
ALAN GREENSPAN

Create Government Guild Prevent Purpose Rather Regulation Something

The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

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The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

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