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 GREENSPANYet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
More Alan Greenspan Quotes
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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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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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.
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In general, corruption tends to exist whenever governments have favors to extend, or something to sell.
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The need for values is inbred. Their content is not.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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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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And the percentage changes in wage rates would be the same for all job grades.
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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 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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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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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