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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.

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Almost Came Deficit Destabilize Chronic Realization Stark Surplus

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

We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
ALAN GREENSPAN

Bell Call Economy Evolve Financial International Rapid System Whistle
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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So there is no reason to suspect that the actual process of boosting rates would be any different.
ALAN GREENSPAN

Boost Different Process Rate Reason Suspect
This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
ALAN GREENSPAN

Aftermath History Period Premium Protract Reason Risk
The increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
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Economy Extraordinary Flexible Foster Increase Shock
The number of mistakes I have made are just awesome. There is no number large enough to account for that.
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Account Awesome Enough Large Made Mistake Number
Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
ALAN GREENSPAN

Creative Destructive Enormous Stage List Yet
I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
ALAN GREENSPAN

Absolute Believe Fact Figure Moral Otherwise Proposition
We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
ALAN GREENSPAN

Anything Common Crise Human Like Look Nature
You can’t have the capitalist system if an increasing number of people think it is unjust.
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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.
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Base Business Deal Fear Force Regulation Undermine
Credit-default swaps, I think, have serious problems associated with them.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.
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Constrain Contract Derivate Financial Innovative Newer Seem Some Superfluous Trade
I’m a plain soap kind of guy.
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Guy Kind Plain Soap
There is no evidence that the business cycle has been repealed.
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Business Cycle Evidence Repeat

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